How Much Umbrella Insurance Do You Need?

Umbrella insurance is used to protect you, above and beyond what your other insurance policies offer. If you get sued, you may have a lot to lose (if you have a lot of assets). However, you could also be held accountable for someone that has an accident on your property. If someone slips and falls, you could be held liable. If your dog bit someone, you are going to be responsible for paying their expenses. 

Even better, your umbrella insurance will follow you wherever you go. If you get hurt on vacation, it will cover those expenses? Get in an accident while touring the country? Your umbrella insurance will be there for you. 

So, how much umbrella insurance do you need? 

The best way to answer this is to determine what your worth is. Look at your assets. What does your home cost? What about your vehicles? Don’t forget about your savings and retirement accounts. All of that can quickly add up! 

If you are worth one million dollars, that is the minimum amount of umbrella insurance that you need. Umbrella insurance goes up by the millions, so you may need two or three million in umbrella insurance, depending on your worth. 

If your assets are less than one million, you may not need any umbrella insurance. However, you should talk to an insurance company just to make sure. You don’t want to lose any of your assets due to an accident. 

If you want to make sure that you are protected (and you live in Pembroke Pines, FL), you need to contact McCormick Insurance Inc. We will be glad to sit down and discuss your needs to come up with a plan that fits within your budget.