How much Umbrella Insurance do you need? In our daily lives, we generally focus on getting insured. Either it is car insurance or homeowners insurance, we presume as safe as we have bought the insurance. No one really asks or knows what is and how much Umbrella Insurance do you need?
The benefits of Umbrella Insurance includes below so that you could know how much Umbrella Insurance do you need?
Agents tend to get less commission with Umbrella Insurance so the popularity of Umbrella insurance is on a lesser side. However, that said Umbrella insurance is an answer to all unwanted expense which may make you financially ruined. Umbrella Insurance not only adds the coverage of your existing policies but also protects you from unforeseen events like the lawsuits, others bodily injury and property damage.
Now the million dollar question is how much umbrella insurance do you need? Well, there is no simple answer.
Million dollars’ worth families must buy an umbrella insurance to be secured from large lawsuits. We live in a belligerent society where one can be sued by anyone.
It is recommended to buy Umbrella insurance if you have an asset or savings above $300,000. This will help you in preventing any legal costs and prevent the lawsuits.
If you have more assets then more is the worth of Umbrella insurance. According to a study, 14% of personal injury and liabilities costs $1 million or more. Most of us are not a fan of insurance; however, we don’t want to wipe out our hard earned savings with an accident. Umbrella Insurance will help you protect from this possibility.
While there is a possibility of using $1 million Umbrella Insurance. But, using $5 million coverage of Umbrella Insurance is very remote and only a few with many assets and liability needs them.
According to the survey, only 12% of homeowners need umbrella insurance and the number grows to 50% if the homeowner is wealthy. For the assets, more than $5 million 79% have umbrella insurance.
It is recommended to get $1million – $5million worth of coverage with Umbrella Insurance for a family with an income $300,000.
Christian Insurance Agency is an independent agency having a team of well-versed agents. We value Umbrella Insurance and know how it can protect you from unavoidable circumstances.
We can help guide you to ascertain how much Umbrella Insurance do you need? And have seen how Umbrella Insurance has helped many of our Clients in covering themselves from financial catastrophe. We are just a call away, give us a shout and we can fix an appointment to discuss.
You can request to be contacted by Christian Insurance Agency today by filling up the form below. Or, you can also call us at 281.789.4070