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How much liability do you need in your umbrella insurance policy?

As Umbrella insurance gets popular, many questions have come up based on how the policy works. One of the most common questions among Milford, CT policyholders is how much liability they need to buy as umbrella insurance is not self-sufficient. While auto and home insurance come with liability coverages, it’s always essential to think about your lifestyle and determine how much liability you need.

Extra liability

Umbrella insurance is designed to add additional liability to your standard policies. Some people need extra liability based on their investment and liability risks. For instance, millionaires have more to lose if they’re sued for liability than ordinary folks. Those with expensive assets and properties are also likely to lose more if sued. Therefore, some additional liability will be needed in those cases, but it doesn’t mean only the wealthy should buy insurance. Parents, small business owners, and even typical homeowners can also benefit from umbrella insurance.

Bodily injury and property damage liability

Always assess your likelihood of getting involved in a lawsuit. If you have children, White Oak Insurance LLC recommends raising your liability premiums. If you have a big compound and a few structures in your compound, be sure to get extra coverage. You can never really know how much trouble your kids can cause or the level of damage and injury people can get while at your house. For instance, if a neighbor’s child sneaked into your home to swim through a broken fence and drowns while you were away, you could face a considerable liability challenge.

Slander and libel

Umbrella insurance goes beyond injuries and damages. If you or anyone in your family is at risk of getting sued for libel, slander, malicious prosecution, false arrest, and other forms of liability, umbrella insurance can help protect you from financial losses.

Looking to buy umbrella insurance in Milford, CT? White Oak Insurance LLC can help you find a policy that fits your needs. Call us for more information.

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