“When shopping, consumers should add up the value of their home equity, investment accounts, second car and other property, to see if their personal worth is greater than they thought,” says Mary Boyd, president and CEO of Plymouth Rock Assurance Independent Agency Group, an insurance company based in Massachusetts. If your underlying insurance policies don’t have high enough coverage limits you run the risk of losing those assets down the line if you’re held liable for an incident whose costs exceed your current coverage. That’s the value of what you own, minus what you owe. But how do you determine how much your assets are worth? By calculating your net worth. The point of umbrella insurance is to protect your finances and the assets that mean so much to you. There are a few ways you can go about purchasing an umbrella insurance policy to extend the coverage limits on your existing policies. You own one or multiple properties, including rental properties.You might want to consider adding an umbrella insurance policy to your existing coverage if: Your net worth, household makeup, and overall lifestyle can all be deciding factors in whether or not umbrella insurance makes sense for you.
Say you invite a friend over and they’re hurt on your property, or you accidentally hit someone’s car while driving, both of these instances could lead to severe injuries and costly medical bills that you would be held liable for. Umbrella insurance can come in handy any time you’re faced with an incident that could lead to serious financial fallout.
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