Steve Reich Insurance

Many experts recommended that you have at least a million dollar umbrella policy to provide liability coverage beyond the limits of your auto and homeowners policies, even if you have less than a million in assets. This will protect you in the rare event you are sued and forced to pay a legal judgment.

If you have a home business, and employees are working in your home, you may want to obtain additional umbrella insurance just in case. This type of additional coverage can help to protect you if someone has an accident in your home.

One way to pay for the extra cost of an umbrella policy is to raise the deductibles in your auto or homeowner's policies. The deductible is the amount of money you agree to pay upfront, before the insurer handles the rest of the claim.

If you already have purchased an umbrella policy, it’s recommended that you review it periodically to ensure that it’s up to date. In many cases, your assets may have grown while your policy limits stay the same, necessitating a higher level of coverage.

Even if you have a homeowner’s policy or an auto policy, there are some things these policies won’t cover. When you have an umbrella policy, you’re more completely covered, so you don’t have to worry about coverage gaps if something goes wrong.