You may have heard of umbrella insurance but aren’t quite sure what it is or how it works. Don’t worry, you’re not alone. In this blog post, we’ll look at what umbrella insurance is, how it can benefit you, and how much it costs on average.
Umbrella insurance is a type of liability insurance that covers claims beyond what your home or auto insurance policy covers. It kicks in when you reach the limit on your other insurance policies and can help protect your assets in the event of a lawsuit.
How Much Does an Umbrella Insurance Policy Cost?
The cost of an umbrella insurance policy depends on several factors, including the value of your home, the amount of coverage you need, and the deductible you are willing to pay. On average, umbrella insurance policies cost between $150 and $350 per year.
Umbrella insurance is not required by law, but it is something to consider if you have significant assets that could be at risk if you are sued. If you’re not sure whether you need umbrella insurance, our team at Oyer, Macoviak and Associates can help you figure it out. Give us a call today at 1-561-732-9305 to get started.
How Can I Save Money on My Umbrella Insurance Policy?
Here are a few ways you can save money on your policy.
1. Shop Around – When it comes to insurance, not all companies are created equal. There are a lot of factors that go into how much you’ll pay for your umbrella insurance policy, so it’s important to shop around and compare rates from different companies. The best way to do this is to get quotes from a few different companies and then compare the coverage they offer.
2. Bundles and Discounts – Another way to save money on your insurance is to take advantage of bundles and discounts. Many companies offer discounts if you bundle your umbrella insurance with another policy, such as homeowners or renters’ insurance. And some companies offer even deeper discounts if you’re a member of certain organizations or professional associations.
3. Increase your Deductible – One final way to save money on your umbrella insurance policy is to increase your deductible. This means that you’ll have to pay more out of pocket if you ever have to use your umbrella policy, but it will lower your premium payments each month.
How Much Umbrella Insurance Do You Need?
The first step in deciding how much umbrella insurance to buy is to assess your overall risk. Some people are at a higher risk for lawsuits than others. For example, if you own a lot of property or have a lot of assets, you may want to purchase more umbrella insurance than someone who doesn’t have as much to lose. Remember, umbrella insurance is designed to protect your assets if you’re sued.
Another factor to consider is whether you have any special risks in your life that might make you more likely to be sued. For example, if you own a swimming pool or trampoline, you may want to purchase additional liability coverage because there’s an increased risk of someone being injured on your property. Once you’ve evaluated your risks, you can start to get a sense of how much coverage you need.
As a rule of thumb, most experts recommend purchasing at least $1 million in umbrella insurance coverage. However, this may not be enough if you have significant assets or unique risks in your life. If you’re still not sure how much coverage to purchase, talk to an independent insurance agent who can help assess your needs and find a policy that’s right for you.
Finally
Umbrella insurance is a type of liability insurance that covers claims beyond what your home or auto insurance policy covers. It’s a way to protect your assets in the event of a lawsuit, and the average cost of an umbrella insurance policy is between $150 and $350 per year. There are a few things you can do to save money on your policy, such as increasing your deductible, shopping around for the best rate, or bundling your policies together.
If you want to discuss options for umbrella insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
