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.
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