Do you Need Umbrella Insurance?
If you are concerned that the liability limits on your home, auto or watercraft insurance won't cover you in the event of a big liability payout, then Umbrella coverage can give you some extra peace of mind. Umbrella insurance is designed to go over and above the liability limits on your underlying policies.* But how can you be sure that you absolutely need it?
It's pretty simple, if you have a high net worth and/or have a little extra liability exposure, you definitely want to consider purchasing a Personal Umbrella policy to make sure you are properly covered.
How do you know if you are high net worth? Take what you own minus what you owe. What's the answer? In general, anyone with a net worth of one million dollars or more should seriously consider an Umbrella policy.
How much risk are you exposed to? I'm not talking sky-diving or drag racing, but do you have a lot of parties? Do you have a pool? Do you have vacation properties? These are normal every day things, but they can increase your risk of a large liability payout in the event of an incident.
If what I've mentioned above sounds like you, then think about getting yourself covered. Luckily Umbrella policies are normally very affordable ($250-600 per year*). If you would like to review your current coverage and see what your options are, please feel free to contact one of our Keenan Insurance Agents in Doylestown, PA. We can get you quoted and set up so you can sleep tight knowing you've got that extra cushion if you need it, no pun intended.
* Subject to policy limits and exclusions. Cost of Umbrella insurance varies by policy and state.