Personal Umbrella Insurance in Greenwood Village, CO

Personal umbrella insurance, also known as personal liability umbrella insurance, may give you extra liability coverage beyond what your car or homeowners insurance offers. It may help protect your savings and assets if you’re found responsible for injuries or property damage and your primary insurance doesn’t cover all the costs. This insurance may also cover legal fees and damages for things like slander or libel, which aren’t typically included in standard policies.

Who Needs Personal Umbrella Insurance?

Personal umbrella insurance is ideal for anyone who wants to be financially prepared against the unexpected. If you have substantial assets, a high income or engage in activities that could increase your risk of a lawsuit, this type of insurance is particularly valuable. For instance, professionals with high earning potential or families with significant assets should consider this coverage. Even if you don’t fit these profiles, personal umbrella insurance is a wise choice if you want to be shielded from potentially devastating legal and financial consequences.

How Much Personal Umbrella Insurance Should I Have?

Determining the right amount of personal umbrella insurance depends on various factors, including your net worth, income and personal risk exposure. A good rule of thumb is to have coverage that at least equals your net worth, but many people opt for higher limits to ensure adequate protection. Consult an insurance advisor to help tailor your coverage to match your financial situation and lifestyle.

How Much Does Personal Umbrella Insurance Cost?

The cost of personal umbrella insurance is relatively affordable compared to the extensive coverage it offers. This cost usually depends on the following factors:

• Coverage amount

• Your location

• Personal risk profile

• Claims history
• Existing insurance policies

Get Optimal Coverage

For personalized advice on how personal umbrella insurance can benefit you, contact Alliance General Insurance Agency today. Our experts are happy to discuss with you our umbrella insurance options.