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Umbrella insurance is a type of supplemental insurance that can provide extra coverage in the event that you are sued for more than the limits of your homeowners or automobile policy. It can be a great way to protect yourself from an unexpected lawsuit, but there are some things you should consider before purchasing umbrella insurance.
Here are some of the most important factors to remember when deciding whether umbrella insurance is right for you:
1. How Much Coverage Do You Need?
The first thing you’ll need to consider when deciding whether or not to purchase umbrella insurance is how much coverage you actually need. Umbrella insurance policies typically provide an additional $500,000-$50 million in coverage beyond the limits of your policy. If you feel like you need more than the coverage provided by your standard policy, umbrella insurance from a reputable agency such as Christian Insurance Agency in Magnolia, TX may be a good option for you.
2. How Much Does It Cost?
Another important factor to consider when deciding whether or not to purchase umbrella insurance is the cost. Umbrella insurance policies typically range in price from $200-$500 per year, depending on the amount of coverage you purchase. If you feel you need the extra coverage provided by an umbrella policy, compare rates from different insurers to find the best price.
3. What Are Your Assets?
Finally, you’ll need to consider your assets when deciding whether or not to purchase umbrella insurance. If you have a lot of assets, such as a home, investments, or savings, you may want to consider purchasing umbrella insurance to protect yourself in the event that you are sued. On the other hand, if you don’t have many assets, you may not need to purchase umbrella insurance.
Contact Us Today
When deciding whether or not to purchase umbrella insurance, ultimately, it’s up to the individual. However, Christian Insurance Agency in Magnolia, TX is always here to help you make the best decision for your needs. Give us a call today.