Should You Get an Umbrella Liability Policy?

Are you happy with how your homeowners insurance is turning out? Before you go any further, take some time and look over every detail. If you are not happy with what you are receiving, you might need some more coverage. Yes, sometimes standard home insurance policies fall short for people. This is not the end. There are some added protections that you can get for yourself, if you decide to do so. One of these additions is an umbrella liability policy. Have you heard of it? Do you know what it can do for you? Do not rush this decision. Figure out if this is something you truly are going to need for your home.

What are the Basics?

Your standard home insurance policy has liability coverage for you. This means, if you are ever sued or there is judgment filed against you, your liability coverage will provide you with money. There will be a limit to how much you will receive. This does not work for some people. If you buy an umbrella liability policy you will have help reaching your liability limit with the standard policy. When the limit is reached, the umbrella coverage will begin to work. If you fall victim to aspects like slander or libel, your umbrella liability policy will help with that also. If you need more protection it is here for you.

Let's Talk Cost

The reason some people do not want to get extra coverage is because they believe it will cost them too much money. Yes, it will cost you more, but it might not be as much as you think. Generally, $200 to $300 per year can get you $1 million in liability coverage. That is a lot of coverage for a price that is very reasonable. That is less than $30 per month! If you want more coverage after the initial $1 million, you can expect to pay about $75 per million after that. As you can see the price for this additional coverage is not very high at all, especially with all the added benefits that you can expect to receive.

The Final Verdict

Should you get an umbrella liability policy? If you have assessed your needs and you can actually use it responsibly, go for it! If you have not assessed your needs and you just want to get as much home insurance as possible, do not get it! You want to make sure that you are able to use all the home insurance you are paying for. If some of it is going to waste you will find that you are wasting your money. You never should want to waste money or waste home insurance. Only you know how this will play a role in your life. Make sure that the role it plays is a positive one, and you can use the insurance you get.