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Spartana
1-6-12, 1:55pm
I recently sold my house and put that money in a regular Credit Union saving account while I decide what I want to do next (buy another place or not). Because I no longer own a home I had to drop my million dollar umbrella insurance policy (you need two other policies to be able to get umbrella insurance and now I just have car insurance). I know that most retirement accounts are safe from things like law suits, but is there any way to protect cash assets that are in a regular bank savings account from a law suit? Say if you were to get into a car wreck or caused someone else harm either directly or by negligence, and you were sued beyond the amount of any insurance coverage you have, is there any way to protect your cash assets? If I do own a home again then I will get another umbrella policy (cost about $180/year for a million dollar liability policy) but until then I do worry about it.

sweetana3
1-6-12, 4:01pm
Does rental insurance count?
Generally, no, there is no way to "protect" the assets.

Spartana
1-6-12, 4:08pm
Does rental insurance count?
Generally, no, there is no way to "protect" the assets.

Yes rental insurance does count towards qualifying for an umbrella policy but I'm just renting a temp vacation place and am out of there tomorrow to start travelling - and not sure when (if) I will be renting/buying long term again in the near future (still deciding what to do). So for now I just have the car insurance policy - which wouldn't cover any other liability like a dog bite, other accident or injury I inflict on someone, or something else. Guess I better start being careful!

Bill
1-6-12, 6:18pm
Have you talked to an insurance agent? I would think you could purchase a separate liability policy that would take care of any of your concerns. Once you purchase another home drop the policy.

Spartana
1-8-12, 1:09pm
Insurance CO told me I needed 2 policys to get an umbrella liability policy and they cancelled my old one. Kind of stupid IMHO but thats insurance Co's for ya!