Direct answer
It depends on your total net worth and your liability risk; if your existing home insurance policy limits are lower than your total assets, umbrella insurance is often necessary to protect your wealth from potential lawsuits.
Financial planning standards regarding asset protection and liability coverage limits. For additional information about liability coverage and asset protection, see the Insurance Information Institute‘s guide to umbrella insurance.
What this means for you
It depends on your total net worth and your liability risk; if your existing home insurance policy limits are lower than your total assets, umbrella insurance is often necessary to protect your wealth from potential lawsuits.
FARMER STOCKMAN
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This page is informational and not a coverage guarantee or quote.
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