What Factors Determine Getting an Umbrella Insurance Policy?

Homeowners in Marshall, MI, often want to know if it is beneficial to purchase an umbrella insurance policy. There’s also the question of how you go about determining if you need the extra coverage. You don’t need to stress yourself out trying to figure it out on your own. Speak with one of our agents at Great Michigan Insurance, who can answer all your questions, plus make recommendations for you to consider. 

Determining Whether You Need Umbrella Insurance

There are two important factors to consider when determining if an umbrella policy is beneficial for you. These include your current net worth and identifying high-risk possibilities.

Current Net Worth

Take the first step by calculating your net worth. This figure should include the equity in your home, all savings accounts, investments, and retirement accounts. You’ll want the umbrella policy to cover this figure entirely. You do not want your total assets to exceed your current liability limits. This is why umbrella insurance is recommended, so the policy can take over when those limits are reached.

High-risk Lifestyle

If you have high-risk factors as part of your lifestyle, this can make you susceptible to lawsuits. Some of these factors include things on your property, such as trampolines, hot tubs, spas, swimming pools, and large dogs.

Other factors include teenage drivers, multiple vehicles, public exposure as a speaker, volunteer, board member, etc., a public presence on social media, and an owner of rental properties. All these factors could lead to a lawsuit that could max out the limits of your auto and homeowners’ policies.

Contact Us

Getting an umbrella insurance policy in Marshall, MI, is a good way to protect your assets. Give us a call at Great Michigan Insurance and let’s work together to get your umbrella policy in place, so that going forward, you can have peace of mind.