How Much Does Umbrella Insurance Cost?
According to the Insurance Information Institute, the average umbrella policy cost ranges from $150 to $300 per year — and for that small annual sum, you’ll get around $1 million in personal umbrella liability coverage. Is umbrella insurance worth it? If you’re found liable for damages that exceed the coverage limits on your auto or home policies, it’s protection you’ll likely find is worth every penny.
The primary factor in determining cost comes down to one simple question to ask yourself — how much umbrella insurance do I need? The answer to that lies in your location and the property you own. Other risk factors to consider are your net worth and the total value of your assets. Your bundled insurance options will also play a role in your cost in addition to other types of coverages you’re carrying.
5 Benefits of Umbrella Liability Insurance Coverage
If you’re looking for extra security, umbrella insurance is an answer that can help to secure future earnings, guard against wage garnishment and protect everything you’ve worked so hard for.
While most people have heard about umbrella insurance, not everyone understands how it works. If you’re asking yourself, “what does umbrella insurance cover,” then look no further. We’ve uncovered five facts about umbrella insurance coverage that may surprise you:
1. Personal injury coverage