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Everyone, no matter how rich or poor, enjoys saving money. For example, a few weeks ago a multimillionaire real estate investor friend took me to a lavish lunch, which must have cost him at least $100. As we were leaving the restaurant, he saw the city “meter maid” coming down the street. All of a sudden he sprinted to beat her to his Lexus with an expired parking meter so he wouldn’t get a $20 parking ticket. |
A few years ago my [tag]insurance agent[/tag] made a wise and profitable suggestion. He said I should cut my [tag]liability coverage[/tag] on each of my properties to $300,000 and take out a $2 million “umbrella policy” to give me better coverage at lower cost. Don’t tell the insurer, but my $700 annual premium for $2 million excess liability coverage is a genuine bargain. If you have net worth over $1 million, you can probably save money by following the same strategy. Check with your current insurance agent, plus one or two others, to see if a similar tactic can save you insurance premium dollars and obtain better protection. Incidentally, my [tag]umbrella liability insurance policy[/tag] not only provides excess coverage for insured property liability, but it also provides automobile liability coverage if I should be at fault in an auto accident.