How much umbrella insurance do you need? It’s a question that many people don’t want to ask themselves, but if you think about it, then the answer is probably not as little or as much as you may think. Here are some things to consider when deciding how much umbrella insurance is right for you.
How Does Umbrella Insurance Work?
Umbrella insurance is also called excess liability coverage because it’s there for you when your other liability coverage limits have been reached. It comes into play when the damages and costs incurred in an accident exceed your policy limits. The umbrella policy will cover you for those excess amounts. For example, suppose you have a $1 million liability policy limit, and an accident occurs where damages exceed $2 million. In that case, your umbrella policy will apply for the additional costs of up to $1 million.
How Much Umbrella Insurance Do I Need?
The amount of umbrella insurance that is ideal for you depends on your current coverage, personal needs, and your ability to pay in the event of an accident. If you have a high net worth, including valuable assets, collectibles, or even business interests, you will want to consider buying a policy with a high limit.
How Do I Get Umbrella Insurance?
Many different companies offer umbrella insurance. The price varies depending on your personal circumstances, the amount of coverage you need, and what company you choose to buy it from.
Umbrella insurance is something that everyone should at least consider. It can provide you with peace of mind, knowing that your assets will be protected if an accident does occur. Looking for more information about umbrella insurance in Maryville, TN, or would like to get a quote, then contact Carr Insurance Group. We can help you find the right policy for your specific needs and budget.