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Why You Need an Umbrella Insurance Policy
Rich can be a relative term, especially regarding insurance coverage. Generally speaking, you definitely need an umbrella policy if your net worth exceeds $500,000. The policy covers you for large amounts beyond what you may already have on your home or auto policies. It is possible to be ordered to pay millions of dollars if you lose a major liability lawsuit. The more you have to lose, the more you need an umbrella insurance policy. Visit the Smith Insurance Agency of West Virginia in Kingwood, WV to get all your insurance questions answered.
Protecting Your Future Wealth
For instance, if you have a large inheritance coming, you might consider umbrella protection. If you were ordered to pay, you would have to pay when you received the inheritance, no matter how much later it is. You could also want to protect the lottery or other gambling winnings you might win in the future. It not only protects what you have now, but it also protects what you may have in the future.
What Does an Umbrella Policy Cover?
The umbrella policy can also cover you for damage done by your dependent children. It can also protect you from losses due to slander, libel, defamation of character, and other things that you could possibly face a lawsuit over.
Cost and Risk Factors
Umbrella policies are not very expensive, and how likely you are to face such a lawsuit may also determine your risk. Regardless of your net worth, there are still risks. If you drive a lot, own a swimming pool, or have a dog, these are just a few things that increase your risk or exposure to large settlements if you were to be sued.
Is an Umbrella Policy Right for You?
To find out if an umbrella policy is right for you, regardless of your net worth, contact the Smith Insurance Agency of West Virginia in Kingwood, WV to get the coverage you need.
