I grew up eating Wheaties and couldn't help but remember Bruce Jenner. An olympic decathlete and arguably one of the best all around athletes in the world! From Olympic Gold to reality tv, and now a very public divorce (not to mention wanting to become a woman), one has to wonder #WTH happened to this guy?? This post however, is more about the lack of financial responsibility and adequate protection than Mr. Jenner's fall from grace. On February 9th of this year, Bruce Jenner was involved in a fatal car accident which resulted in the death of a 69-Year Old Widow, Kim Howe. Reports vary, but some say he may have been texting while driving as well as driving too close. In either event, a lawsuit is eminent and he has already hired top tier legal counsel to help him navigate this mess. Per the Daily News Article from last night, it appears that Mr. Jenner only has $250,000 of personal liability insurance protection?? Who is this guys insurance agent? Wealth Advisor?? That amount of coverage is the basic amount provided under a typical homeowners policy and would be inadequate for just about anyone let alone someone of Mr. Jenner's notoriety and fame. As the article alluded to, Personal Umbrella Liability protection should usually be at least 1-2x net worth in order to protect you and your family in the most conservative and catastrophic scenarios like the one Mr. Jenner has found himself in.
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"Let's fix the roof before it starts raining," Insurance Superintendent James Wrynn said. "Coastal New York has been lucky for a while to escape a direct hit from a hurricane, but luck is no substitute for planning. Homeowners have already been pummeled by rising rates, nonrenewals and threats of nonrenewal of their homeowners insurance policies. Homeowners shouldn't have to worry about whether they will be able to get coverage when their policies expire. This uncertainty must be addressed. We have extensively reviewed our rules and regulations and we are planning for the storm we know is coming."