![]() Please discuss this with your agent before making any changes to your existing policies. Note: We are not licensed P&C insurance agents and can only give you a broad overview of the advantages and disadvantages. In general, your policy should be equal to or greater than your net worth. You may already have an umbrella policy in place but as assets grow over the years, you may need to consider raising the limits to cover your current exposure. It is sometimes referred to as excess liability insurance, since that's exactly what it is it protects your assets if you're. It helps protect your business against extremely large losses from covered accidents. Have you evaluated your current policy recently? Umbrella insurance is an insurance policy that provides additional coverage after primary liability coverage limits are exhausted. Cost may vary by location, credit history and driving records of the people in your household. They are available in million-dollar increments – each additional million usually costs marginally less. The policy coverage amounts usually start around $1 million and cost around $150 to $300 per year. If you have assets to protect in the event of a lawsuit, it makes sense to have this type of policy. Umbrella liability is fairly inexpensive and can protect you and your property from lawsuits. Do you have teenagers who have just started driving?.Do you entertain frequently in your home?. ![]() If you are a high net worth individual - generally someone with $1 million or more in liquid financial assets - or are exposed to more than normal risk, it makes sense to look into this coverage. Also, umbrella policies tend to be more cost-effective, because you can spend less on coverage but receive greater insurance protection. Umbrella coverage can also extend to other vehicles, boats, personal injury or director/officer liability, depending on the policy. How Much Insurance Should You Get? A Lawyer’s Advice
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