How Much Umbrella Insurance Coverage Do I Need?

Decoding Umbrella Insurance: Assessing Your Coverage Needs

Umbrella insurance is a supplemental form of coverage that only comes into effect after your primary insurance has reached its limit. For example, if you’re sued by a pedestrian for medical expenses after a fall occurring on your property, your homeowner’s insurance may cover up to its maximum limit. But if a balance is still owed, your umbrella insurance coverage would take effect to pay the remaining costs. Many individuals in Glen Allen, VA, and other areas often underestimate the umbrella insurance coverage they truly need.

Determining Your Property’s Value

The first step in determining how much umbrella insurance coverage you need involves evaluating your property’s worth. After accurately estimating your property’s total value, you need to calculate how much liability coverage you already possess. You can then purchase the umbrella insurance amount necessary to cover what your liability insurance does not. If your liability insurance already covers 100% of your property, you may not need umbrella insurance. However, it’s always wise to have it, just in case.

As highlighted above, deciding how much umbrella insurance coverage you need necessitates valuing your property accurately. Once you’ve identified this and can figure out how much liability insurance you already have, only then can you determine the amount of umbrella insurance you need. If you’re seeking a reliable umbrella insurance provider in the Glen Allen, VA area, reach out to us at Everett Insurance. At Everett Insurance, we will provide you with a quote and hope to add you to our list of satisfied customers. So, don’t hesitate to contact us today, and allow our friendly and knowledgeable agents to assist you.