How Much Umbrella Insurance Do You Need in Pennsylvania?
An umbrella policy in Aston, PA will pick up where the liability limits of your auto and home insurance policies leave off. Policies are usually sold in increments of $1 million. Coverage is available for between $1 million and $5 million. You can use an umbrella insurance calculator or speak with an agent at Fulginiti Insurance to figure out how much umbrella coverage you should have. Factors to consider include your net worth, home equity, the value of retirement plans, and the current limits on your liability coverage. Your net worth is your assets minus your debts. Be sure to calculate this accurately for the best estimate.
Buying an Umbrella Insurance Policy in Pennsylvania
Before you can get umbrella insurance in Aston, PA, you must have homeowners and auto policies that carry the minimum amount of liability coverage. Many insurers will cap the liability coverage, so it can be more cost effective to buy an umbrella policy. If you are getting all the policies from the same insurer, you may also get a discount on the umbrella policy. Buying your policies from the same insurer can help you make sure coverage doesn’t fall through the cracks if requirements for umbrella insurance change. If you are sued, then you will have one set of defense lawyers for the entire case. If you aren’t able to get all three policies from the same insurer, then consider getting the umbrella policy from the company that you get auto insurance through.
Many of the more significant lawsuits involve car accidents. If you serve as a volunteer on a non-profit board, then your umbrella and homeowner’s policies will typically cover you for property damage and bodily injury, but not all lawsuits. Umbrella policies do provide additional coverage for slander, defamation of character, and libel, which aren’t covered under other standard policies. You can get an endorsement for directors and officers coverage to provide additional protection. Contact Fulginiti Insurance to get a quote on umbrella insurance.
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