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About Me:

34 yr old female trying to keep it together. I call my financial life a work in progress because though I have always had frugal inclinations I only recently started on an informal financial education with an end goal to make my money work for me! Of course I can be weak. Thai food, traveling, self-justification and laziness eat away at my savings. But I am getting there. I think. I used to be very jealous of the Jones' but now realize that they are broke and stressed so I prefer my own progress and accomplishments. My life may not be flashy but I have seen the consequences of a high-end lifestyle. I count myself lucky to be alive and aware in these economic times because I have learned so much and believe that in the long run I will come out farther ahead from a little suffering now. As long as I am not regressing, then I am pleased.

Fun fact to help navigate my posts: BB = Baseball Boy. My husband.

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My November 2008 Wedding:
Total $23,630...Paid in Full! And had a BLAST!

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Quotes to keep me on track:

"Save FIRST and then spend the leftover, not spend first and save what's left."

"How you spend your money today effects the life you will live tomorrow."

Getting umbrella insurance

March 3rd, 2009 at 01:50 pm

I felt like a grown up yesterday. I called our home insurance company to add our cars onto the list and also get an umbrella policy.

I'm not completely positive what an Umbrella policy is and covers, but I do know that I have been told to get one.

I think in the event of a lawsuit of any kind the policy covers everything I own and protects my assets.

The woman asked if I wanted a million dollar policy or a two million dollar policy and I quickly tried to mentally figure my net worth and asked her for a "half million dollar policy".

No go. They don't have those. Just as well. Some day the economy will swing back to good and real estate will rise, I will be frugal and not increase the policy and that's the day I'll be whacked with a lawsuit for something. It was only $140 a year which seems very fair to me!

On another note; the appraisal we had purchased for our new home came in today-it appraised for $43k above what we paid for it! Before we put in the $10k of work! Exciting stuff, but I do love this property and hope to never leave.

Posted in Owning a house | 1 Comments »

1 Responses to “Getting umbrella insurance”

scfr Says:
March 4th, 2009 at 01:14 am 1236129280
1236129280

You're very smart to get it now, at a young age, before all of the "life happens" stuff hits you. We're not able to get it because we were sued following a traffic accident, just because our insurance company would not settle to the other party's liking. Our company offered something like $2K ... They sued and ended up with around $3K which after lawyer fees probably came out to less than what the insurance company offered. HA! So because of that, no umbrella insurance for us. Instead, I load up on Liability Coverage on both my automobile and renter's/homeowner's insurance. When I called and tried to get the umbrella coverage, the insurance company said we were actually in better shape than many people because we were denied for only that one reason. They said most folks have multiple reasons for denial. I think it's the type of insurance that by the time you realize you need it, you may no longer qualify (just because of life circumstances).

So ... good job covering your ... er, "ass-ets"!

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Gamecock's Mind over Money

Trying to keep life from falling apart, trying to become a person to be proud of.

Getting umbrella insurance

1 Responses to “Getting umbrella insurance”

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