How Much Umbrella Insurance Coverage Do I Need?

There is a wide range of situations in which you or a dependent of yours could be found liable for an accident that causes some level of harm. If this ever occurs, you are at risk of being sued for damages. While you may have home and auto insurance policies to provide some level of liability coverage, it is often not enough. For those that are in the Jefferson City, MO area, a great option would be to get an additional umbrella insurance policy that will provide even more liability coverage from Luebbering Insurance Agency, LLC. When building an insurance policy, one of the hardest things to determine is how much umbrella coverage you need as it can depend on a variety of different factors.  

Your Personal Assets

The first factor that will influence how much umbrella Insurance you need is how much you have in personal assets. People who are wealthy and have high-profile jobs are far more likely to be sued for large sums of money. If you are wealthy, it would be a wise idea to purchase enough umbrella insurance to cover your assets. For example, if you have a net worth of around $1,000,000, having that much in umbrella coverage would be ideal.

Level of Risk

You also need to carefully consider what your level of liability risk is. If you tend to have a lot of guests or clients over at your home, you are taking no more responsibility than others. Or, if you have teenage drivers in your home, you could be taking on even more. In these situations, it would make sense to have more umbrella coverage due to the higher level of risk.  

Since determining your umbrella insurance needs is so complicated, it would be beneficial to speak with a professional. For those that are in the Jefferson City, MO area, reach out to an agent at Luebbering Insurance Agency, LLC. We excel at helping consumers determine their insurance needs and can provide you with a quote for your insurance needs.