Umbrella Insurance in Texas
Benefits of Umbrella Insurance in Texas
Umbrella insurance in San Antonio, TX can provide protection against a few different things. This includes significant property damage, serious bodily injury liability, landlord liability, and libel and slander. Standard auto insurance may be easily exhausted if you are at fault for an accident where there is another vehicle destroyed. Lawsuits that result from something you write or say about another person aren’t typically covered under a home insurance policy. Umbrella insurance provides another layer of protection once standard liability coverage on home and auto policies reaches the limit.
Do You Need an Umbrella Policy in Texas?
Whether or not you should purchase umbrella coverage can depend on two main things. What do you have to lose? How much risk do you want to take? A lawsuit may be unlikely when the at-fault party has nothing available to give the injured party. However, when there are assets, you can expect a lawsuit. In order to protect what is yours, you need an umbrella policy.
When determining how much to get, consider your net worth. Basing the umbrella policy limits off your net worth is the most common method. The limit should exceed your net worth. However, if your net worth is less than your current liability coverage then you may not need an umbrella policy. You can also consider your total assets since this gives you more coverage. When you calculate your total assets, you aren’t factoring in your debt. You may also want to consider future income. If someone sues you and the judgment exceeds liability coverage, then your future earnings can be on the line. An agent at Ellis Insurance Agency can help you determine how much liability coverage you should have.
You also want to review your lifestyle. There are some risk factors that increase the need for umbrella insurance. This includes pools, recreational vehicles, home renovations, cars and trucks, client visits at home, entertaining a lot, and prominence.
Contact Ellis Insurance Agency serving San Antonio, TX to get a quote on umbrella insurance.