Umbrella insurance from Franklin Insurance Agency is an important type of liability insurance that can provide you with an extra layer of protection in case you are liable for a lawsuit. It can be helpful in cases where the damages or costs exceed what your current liability coverage can cover. Considering how much umbrella insurance you need based on your assets, income, and lifestyle here in the Rio Rancho, NM area is essential.
When deciding how much umbrella insurance coverage to purchase, looking at your assets and liabilities is important. This includes property such as your home and vehicles and any other valuable possessions that could be taken in a lawsuit. It would be best if you also considered any debts, such as student loans or credit card debt. All of these items should be considered when determining the amount of coverage needed.
In addition to considering your assets and liabilities, it’s also essential to think about potential risks associated with your lifestyle and activities. For example, if you are an avid golfer, you may want more umbrella insurance coverage since it can protect against claims related to golf-related injuries or incidents. On the other hand, additional coverage may be necessary if you own a business or rental property due to the increased risk of being sued by customers or tenants.
When deciding how much umbrella insurance coverage to buy, remember that too little coverage could leave you unprotected in the event of a lawsuit, while too much could be overpaying for unnecessary protection. The best way to determine how much umbrella insurance is right for you is to work with an experienced agent here at Franklin Insurance Agency who can help assess your individual needs and provide tailored recommendations for coverage amounts. We proudly serve the Rio Rancho, NM area.