There are many people who have no idea what umbrella insurance is, much less if they need it. It can be difficult to make that determination without knowing what it is or even how to see your need for it. To help you make an educated decision on umbrella insurance, we have put together a quick way to determine if it is right for you. Continue reading to help you make the decision.
- Determine the value of your assets. If you have a lot of assets, or even just one, you need to see how much the asset is worth as the first step of this process. Homeowners and auto insurance policies all have limits that come with them. If your assets are worth more than these policies can provide coverage for, then you need to start looking at umbrella insurance policies. These types of policies will take over where your other ones stop.
- Take a look at the maximum limits of your current policies. If you are already maxed out with these policies, then you need to get an umbrella insurance policy. If you are not yet maxed out, then max them out and see if it will cover you before you make the decision.
- Take a look at your liquid assets. The great thing about an umbrella insurance policy is that it will protect a lot more than your home or vehicle. It can also protect things like your checking account, savings account, and retirement accounts. You want to make sure these are protected as well.
Umbrella insurance can be complicated so if you need further information, want to take a look at your current policies, or are ready to get a quote, contact us at Southwest Insurance Center today and we will be happy to help.