Here’s the rundown on cost for an umbrella policy:
- Umbrella insurance is designed to be an affordable way to protect your assets.
- It provides $1 million or more in additional liability coverage.
- An umbrella builds on the liability coverage on your auto and homes policies.
- Getting an umbrella policy usually costs less than increasing the liability limits on your underlying policies.
Question I realize how destructive lawsuits can be, so I’d like to have enough coverage to protect all of my personal assets. But I’m not sure whether I can afford it. What does umbrella coverage cost?
Farmers Insurance® agent Matthew McCarter of Chester Springs, Pennsylvania, explains why umbrella coverage can be an affordable choice for households.
Answer First, let’s look at how an umbrella policy — or personal umbrella as I call it — helps you protect your assets. Your auto and home policies provide liability coverage up to a certain limit. But what if the value of your assets exceeds the limit on either policy?
The personal umbrella gives you additional liability coverage — over and above the limit on your home or auto policy. With an umbrella, you can get $1 million to $10 million in extra coverage, available in $1 million increments. Those are some pretty big numbers, but umbrella insurance can be very affordable in relation to the amount of coverage it provides. In other words, you get a lot for your money. Farmers customers usually start considering umbrella coverage once their net worth is more than the liability limit on their home or auto policy.
Find out why umbrella
Farmers is a smart
The information contained in this page is provided for general informational purposes only. The information is provided by Farmers® and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.