When is the right time to get an umbrella policy?

[new doctor]

Hi all,

Hoping to get some thoughts from the brain trust about when is the best time to get an umbrella insurance policy? I am currently in fellowship with about 2-3 more years of training. My wife and I make a combined $150-170k a year and have about $300k in assets. Our debts include my student loans ($200k) and our mortgage ($280k). We don't have any expensive toys or hobbies, max out our retirement accounts (403b and backdoor Roth IRA), and have all the other important insurance policies in place (term life, disability).

Thanks for all of your help!

[JBME]

if you can afford it, get it now. It's cheap stuff...like $50/month (maybe less?) for a $1m umbrella

[jacoavlu]

yesterday

[DynamicHipScrew]

I pay $279 for a $2 million policy. Cheap stuff.

[Random1]

Before it rains, because most docs are walking around with a bullseye on their back.

[CordMcNally]

Umbrella is about the cheapest insurance you can get these days. Get $1M or $2M and then you can reassess in a few years.

[xraygoggles]

I got it during fellowship, so you should consider it ASAP.

The amount you will be paying is paltry to cover any tail risks which may arise - huge ROI if needed, in other words.