An umbrella insurance policy helps protect your assets and preserve your net worth. This is part 3 of our 6-part series—stay tuned for more insights!
How much umbrella insurance do I need?
You can generally determine the amount of umbrella insurance you need by calculating your total net worth. At the very least, you want to have enough coverage to cover your assets.
How do I calculate my net worth?
When calculating your net worth, these are common assets that should be included:
- Savings accounts
- Checking accounts
- Home equity
- Stocks or mutual funds
- Jewelry
- Art Collectibles
- Clothing
- Furniture
Are there Minimum Liability Requirements for Umbrella Policies?
Insurers will require a certain amount of liability coverage from your existing policies before you can purchase umbrella insurance. For example, many insurers will require you to have at least $250,000 in auto insurance liability coverage and $300,000 in home insurance liability coverage in order to be eligible for umbrella insurance.
How does Net Worth & Assets Affect Coverage Needs?
The greater your net worth and the more valuable your assets, the more coverage you will need. Great Lakes Auto Home can help you determine the right amount of coverage depending on your net worth and get you set up with an umbrella insurance policy that meets your specific needs.
Wondering if umbrella coverage is right for you? 📱 Call us at (630) 441-1003 or 📧 email us at info@glautohome.com to learn more.
