A liability claim can cost thousands or millions of dollars, but umbrella insurance can help you protect your financial security. We offer umbrella insurance at Homeowner’s Insurance Group in Scottsdale, AZ.
What are the Requirements for Umbrella Insurance?
To get umbrella insurance, you’ll need to have the maximum coverage allowed by your auto and home policies. This reduces the chances that you’ll need to utilize umbrella insurance.
How Much Coverage Do I Need?
Experts typically recommend that you have coverage equal to your net worth. You can determine your net worth by adding up your assets, including investment, property, retirement, and bank accounts. Then, subtract your debts. This is your net worth.
If you want to protect your future financial security, you should consider getting coverage greater than your net worth. Umbrella policies are typically sold in increments of $1 million.
What is Covered by Umbrella Insurance?
Umbrella insurance covers catastrophic liability. In most cases, your home or auto policy must cover the liability first. Then, the umbrella policy covers the remainder. For example, if you are involved in a car accident with $1 million in damages and your auto coverage limit is $500,000, your umbrella policy will cover the remaining $500,000.
Umbrella policies also cover some things that are not covered by standard policies. These include slander, defamation, and legal fees.
Is My Family Covered?
Yes. Generally, family members who live in your household are covered under your umbrella policy. Your children may also be covered if they are living away from home. Some exclusions apply, so contact your insurance company to be sure.
Umbrella Insurance with Homeowner’s Insurance Group
If you need umbrella insurance in Scottsdale, AZ, contact us at Homeowners Insurance Group. Our experienced agents will help you choose the best policy for your unique needs.
