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Umbrella coverage can protect your assets and secure your financial future. However, you must ensure you have the correct amount of coverage. At Senz Insurance Agency Inc. in Beloit, WI, we specialize in providing comprehensive umbrella insurance.
What is Umbrella Coverage?
Umbrella coverage is designed to shield you from massive liability claims. Generally, it’s sold in increments of $1,000,000.
To qualify for umbrella insurance, you need to have auto and home insurance policies with the maximum coverage limits. If a liability claim exceeds these limits, umbrella coverage covers the difference up to its coverage limit.
Who Needs Umbrella Insurance?
You should consider umbrella insurance if your assets total more than $500,000. Essentially, the greater your wealth, the higher the risk of being sued.
Umbrella coverage is a sensible choice even if your current assets are limited. A liability claim could target your future earnings, making it crucial to protect your financial future.
Coverage Based on Assets and Net Worth
A straightforward way to estimate how much umbrella coverage you need is to tally up all your assets, including property, investments, and liquid assets—everything you could lose in a judgment against you. Your coverage should be at least equal to your net worth.
If you anticipate a significant increase in future income, consider that when choosing your coverage. It’s prudent to plan ahead with an umbrella policy that protects you now and in the future.
Coverage Based on Risk
Consider your level of risk when determining how much coverage you need. If you frequently host parties, own a pool or trampoline, or participate in recreational activities, you may want to consider adding more coverage.
Umbrella Insurance at Senz Insurance Agency Inc.
If you need umbrella insurance in Beloit, WI, contact Senz Insurance Agency Inc. Our agents are ready to discuss your needs and help you select the most suitable coverage.
