If you already have multiple insurance policies in place, you may think that umbrella insurance is overkill.
Even if you have a car insurance policy in place, 13% of lawsuits are for $1 million or more, and this is not something that standard policies can match. If you drive often, have a lot of assets, or chauffeur people around for ride-sharing, then you are putting yourself at a greater risk of getting into an accident that a typical policy can’t cover. The same goes for your home insurance. If you have pets, especially restricted breeds, or a pool or trampoline, or if you frequently entertain in your home, you could be at risk for a costly lawsuit that your home insurance can’t fully cover.
Those with many assets should consider umbrella insurance in Michigan. The higher your net worth then, the more you can lose in a lawsuit. If you do have a severe accident and significant financial assets, then others have a bigger incentive to sue you for damages. If your liability coverage on your policies is exhausted, then that means other assets can be targeted. Umbrella coverage is usually a good idea to consider if you have over $100,000 in assets. Even if you don’t have this much in assets right now, you need to think about the future since courts can and will consider. For example, if you are a new doctor, then you may not have a high net worth currently, but a liability claim could target any earnings that you are going to get later on. If you anticipate more assets and higher wages, then you should consider an umbrella policy. You want to get enough coverage to cover assets. An agent at CG Insurance Agency LLC in Williamston, MI can help determine how much umbrella coverage you should have based on your assets.
Contact CG Insurance Agency LLC in Williamston, MI to get a quote on umbrella insurance.