How much personal liability coverage do you need?
In Utah liability limits on personal automobile policies generally range between $30,000 and $500,000, and personal liability on homeowners policies between $100,000 and $500,000. Keep in mind that homeowners and automobile liability policies insure against different kinds of risk and you need adequate coverage for all types of risk.
While the amount of liability coverage a person needs can be influenced by many factors, a general rule of thumb is that the liability coverage that you need is equal to or greater than your net worth. The average net worth of people with a college degree was close to $1 million in 2007 according to US Census data.
So what if your net worth exceeds the amount of liability coverage provided by your homeowners or automobile or other personal liability policies? Here is where a personal umbrella policy can help. Personal Umbrella policies offer cover coverage that extends beyond the liability limits of your other policies. Normally umbrella policies are offered in increments of $1 million, and can extend over your existing policies. Depending on the policy they may also be able to offer coverage for risks that are not covered by the underlying policies.
Call us today at 877-506-5061 to ensure your policies meet your coverage needs.