Umbrella insurance offers a safety net that shields your wealth and provides peace of mind. Let’s dive into umbrella insurance and how much you will need.
What does umbrella insurance cover?
Umbrella insurance is extra coverage that extends past your standard liability policies, such as homeowners and auto insurance. It typically covers:
- Bodily Injury
- Property Damage
- Landlord liability
- Legal fees
- Injury to someone’s reputation
How much does umbrella insurance cost?
Many people are surprised to find out that umbrella insurance is quite affordable for the coverage it provides. The average cost of a $1 million-dollar personal umbrella policy is $383 per year for an individual. However, how much you will pay for umbrella insurance depends on numerous factors, such as where you live and how much coverage you will need.
How much umbrella insurance will I need?
When considering how much umbrella insurance you will need, evaluating your circumstances and potential risks is essential. However, it is a common rule of thumb for your umbrella coverage to match your entire net worth. To calculate your net worth, calculate your home, savings, investments, and any valuable personal property. This ensures that all your assets are protected. The more coverage you put between your assets and someone suing you, the less likely someone will reach your assets.
Let’s talk
From accidents to lawsuits, umbrella insurance has got you covered. To learn more about our umbrella insurance options, contact one of our experienced Avery Hall agents today at 410-742-5111.