If you have a significant amount of property to insure, it might be easier to consolidate it all under one umbrella insurance policy. This requires taking stock of your assets to determine how much umbrella insurance you need. This also involves comparing your assets’ value to the liability coverage limits provided by your base insurance policies, such as home and auto insurance. It’s generally recommended to have coverage equivalent to your net worth, plus some extra coverage for liabilities and future earnings.
Evaluating All Assets
Your assets include but are not limited to savings, investments, vehicles, and homes. Estimate the total value of these assets, getting an appraisal if necessary. This will be a crucial factor in determining your umbrella insurance requirements. You’ll also need to assess your future earnings for comprehensive protection. Do you live a risky lifestyle? That will need to be factored in. Any existing insurance policies you have will need to be closely reviewed. It’s advisable to seek assistance from an insurance professional.
Davidson Insurance Agency Serving Evergreen, CO
That’s where we come in! If you’re in the Evergreen, CO area and need an experienced agent to help you assess your risk profile, please get in touch with us at Davidson Insurance Agency. You’ll be connected with a knowledgeable agent dedicated to helping you get the insurance policy best suited for you.
