Are you a high net worth individual?
Umbrella insurance protects your assets. If have more, you also have more to lose. This is where your net worth comes into play. Your net worth is what you have minus what you owe. If you have more, or the potential to earn more in the future, you may need an umbrella. Some key life changes to be aware of when considering an umbrella; paying off your home, if you own multiple properties or land, getting a promotion or new job and as you build your retirement nest egg. These are just some occurrences that may trigger the need for an umbrella policy.
How exposed to risk are you?
We are not referring to your bungee jumping hobby or if you are a professional stunt man. But if your day to day life exposes you to more than normal risks it might be a good idea to consider an umbrella. Do you drive a lot or have a long commute to work or school? Do you have teenage drivers in your household? Do you host dinner parties or is your house where all the neighborhood kids spend time? Do you have a pool or trampoline? Do you have a vacation home? If yes is the answer to any of these questions, and you have assets worth protecting an umbrella policy could be the solution.
How much does
Umbrella Insurance cost?
You may think millions of dollars in insurance coverage has to be expensive, right? Wrong! An Umbrella policy, for many is surprisingly inexpensive. There are many factors to consider, but a policy typically costs around $200 to $600 a year. Contact Farmers Insurance – Jenna Isch to find out if an umbrella policy is right for you.