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The beauty of umbrella insurance is its ability to cover more than one asset. However, a set value will be assigned to the policy, which may require getting things appraised. Even if you know the worth of everything, deciding what to include under your umbrella insurance can be daunting.
Know Your Worth!
You should seriously consider umbrella insurance if your net worth is $500,000 or more. Your policy should be equal to or preferably greater than your net worth. This is crucial to your wealth-building plan as it safeguards your assets. When calculating your net worth, don’t include things like employer-sponsored retirement accounts, as these are generally not at risk from lawsuits. The primary purpose of umbrella insurance is to provide coverage if you get sued. Even if you win the suit, your legal fees may be covered by umbrella insurance. Policies typically start at one million dollars and increase from there. That may seem like a lot, but if you own property or recreational vehicles, it can add up quickly.
Contact Premier Group Insurance in Lakewood, CO
If you have many assets, it only makes sense to protect them. If you are in the market for umbrella insurance and live in the Lakewood, CO, area, please get in touch with Premier Group Insurance. We will promptly connect you with a courteous and knowledgeable agent who is dedicated to helping you find the insurance policy that is most suitable for you and your unique needs.
