Umbrella insurance is often called catastrophic coverage because it covers high-cost events. Do you need an umbrella policy, or is your current coverage enough? At Leo Insurance Group in Las Vegas, NV, we offer umbrella insurance policies. Let’s take a look at signs you should get an umbrella policy.
What is Umbrella Insurance?
Umbrella insurance typically has coverage limits of $1 million up to $10 million. If you are liable for a catastrophic event, like a 10-car pileup, this policy will cover what your standard policy doesn’t.
You Have Standard Insurance Policies
To qualify for umbrella insurance, you must have standard policies. You can be eligible for umbrella insurance if you have a homeowner’s and auto policy. However, first, you’ll need the maximum coverage limits for your standard policies.
Your Net Worth Exceeds Your Coverage
An umbrella policy is designed to protect you from liability that exceeds your current policy limits. You should consider an umbrella policy if you have $1 million in assets but $500,000 in auto insurance liability.
If you have the means to pay the costs, you are more likely to be sued and have a large judgment against you.
You Are Concerned About Your Financial Future
What if your net worth doesn’t exceed your current policy limits? You may still need umbrella insurance. If there’s a judgment against you, it can also include future earnings. This means you may be paying the costs long after the event has occurred.
You Want Peace of Mind
Umbrella coverage typically picks up where your primary insurance policy stops and covers the difference. However, it also covers things not covered in your standard policy. This can give you peace of mind.
Umbrella Coverage at Leo Insurance Group
If you need umbrella coverage in Las Vegas, NV, contact us at Leo Insurance Group. Our friendly agents are here to discuss your insurance needs and help you select the best policy.
