Umbrella Insurance Benefits
An umbrella policy in Pennsylvania can help you protect your assets. In today’s world, lawsuits are not uncommon, and they are expensive. Your auto and home liability can only do so much to protect you once you reach the limits. Without a separate umbrella insurance policy, you would have to pay out of pocket for any damages and legal costs that are beyond your limits. This can include selling your home and cars, tapping into retirement savings, or even losing some of your future wages. Umbrella policies not only provide additional liability protection, but there are also protections for slander, defamation of character, and libel that aren’t covered under a home or auto policy.
How Much Umbrella Insurance Do You Need?
Since umbrella insurance in Pennsylvania is added protection and not required, it can be difficult to determine how much coverage is needed. In order to figure out how much coverage you need, add up the total worth of your assets. This includes your bank accounts, retirement plans, home, cars, stocks, bonds, and your estimated future salary. Then compare the total sum of your assets to the liability coverage you already have on your home and auto policies. If the value of your total assets is higher than your liability limits, then consider an umbrella policy. This helps give you the amount of coverage you need.
Coverage limits on these policies start at $1 million but can go as high as $10 million. You may also be surprised at the rates. It’s often cheaper to get an umbrella policy than it is to raise the limits on your current auto and home policies. An agent at Moore Insurance Network can help you determine how much coverage is best for you as well. Since umbrella insurance can help provide peace of mind, it can be worth the extra expenses when you know you are covered should a lawsuit happen.
Contact Moore Insurance Network to get a quote on umbrella insurance.
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