There is no way to plan for when you might need extra insurance coverage beyond what your San Diego, CA area auto insurance or homeowner’s insurance covers. You also won’t know when you need insurance to cover things your other policies don’t, such as damages from slander or false arrest. Umbrella insurance is designed to provide that extra coverage. Here’s what you want to know about shopping for umbrella insurance.
- Who commonly purchases umbrella insurance? A case can be made for most anyone to have an umbrella policy, such as a large law suite that wipes you out. Here are some situations that often carry an umbrella: property owner, owning significant assets and savings, those concerned about liability claims when traveling outside the country, or people that are involved in activities that increase chances of being sued.
- When buying umbrella insurance, typical policies come in million-dollar increments. Many companies only sell an umbrella policy if you already have auto and/or property insurance, which can include a renter’s policy.
- Deciding on how much coverage you need can be tricky, but a good rule is to purchase enough to cover your net worth. This can also include potential earnings for the future.
- If you think an umbrella policy will be too expensive, the truth is that they are quite reasonable. For example, a $1 million policy might run $150-$300 a year.
- You can get an umbrella policy from most major insurance companies.
Armorcrest Insurance Services
Armorcrest Insurance Services provides insurance in the San Diego, CA area. We have a high customer retention rate because we strive for excellent customer service. Contact an Armorcrest agent today to discuss your insurance policies and explore how an umbrella insurance policy can protect you.