Umbrella insurance is the type of personal liability insurance, the purpose of which is to protect you and your assets from large claims or lawsuits if you have already exhausted the limits of your other policies. This type of insurance is not mandatory, but it is worth having. If you are thinking of getting umbrella insurance, but you do not know where to start, here is a list of things to consider:
Your Current Coverage
If you do not know what exactly you have, it is hard to assess what you need. Evaluate your current policies and answer the questions: "Are their coverage limits enough?". For example, if the personal liability limit of your home insurance is $100,000, will it be enough to cover the medical treatment of someone who can slip, fall, and injure themselves on your property?
Evaluate all the assets you have, including stock and retirement accounts. The more assets you have, the higher your risk is in the event of a lawsuit. Therefore, if you have many assets, the more umbrella insurance coverage that you may need.
Risks You Face
We all face a certain amount of risks. The more risks you face, the higher chance of accidents, which elevates a liability suit. For example, homes with pools, trampolines, and aggressive dog breeds are considered at an elevated accident risk and, therefore, may need additional protection and coverage.
Umbrella insurance is something that you may need to supplement your current liability insurance. It is an additional protection that provides you with financial security and peace of mind. If you are currently shopping for umbrella insurance but still have questions about this type of coverage, do not hesitate to call Shavano Insurance Agency, LLC, serving San Antonio, TX. Qualified and experienced insurance agents from Shavano Insurance Agency, LLC working with clients from San Antonio, TX, and other surrounding cities are always glad to assist you.