Should You Consider Personal Umbrella Insurance?
Many consumers believe that since they have home, health, auto and life insurance, they don’t need to carry personal umbrella insurance. However, in the event that you are involved in an accident that is your fault, you may be placed in a scenario where your current coverage just isn’t enough.
You need to have back up protection in the event of the unthinkable. Living in a litigious society has made having personal umbrella insurance almost a necessity.
But how do you know if you truly need personal umbrella coverage? The best way is to do the math and crunch the numbers:
- Calculate your assets: review your valuable assets by calculating the worth of your home, how much money you have in the bank, including stocks, bonds, securities, 401k and and other assets
- Review your current liability coverage: review your home and vehicle insurance policies and check their maximum liability coverage
- Make a comparison between your current coverage and your total assets: you want to ensure that your assets do not exceed the amount of coverage you possess.
If your current policies provide you with less coverage than your current asset base you should consider adding personal umbrella.
What Does Personal Umbrella Insurance Cover?
It’s important to know what personal umbrella coverage includes if you’ve determined that you are in a vulnerable position:
- Personal claims: protection against claims of libel, slander and unlawful detention
- Defense costs: costs incurred should you need a lawyer if a liability claim is brought against you
- Additional liability coverage for your home, automobile, watercraft or other personal vehicles
If you still have questions and may not be completely sure if a personal umbrella policy is right for you, contact the Nowell Agency for answers. Our personal umbrella underwriters have been working with individuals like you in Alabama and Mississippi for over 25 years, customizing policies to meet specific needs.
Contact the Nowell Agency for more information about personal umbrella insurance or call us at 601-992-4444 today.