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Atrium Insurance Group

6970 S Holly Cir #104
Centennial, CO 80112

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Should I get Umbrella Insurance?

Umbrella insurance, also called excess liability insurance, protects you from significant catastrophes that exceed your standard insurance policies. At Atrium Insurance Group in Centennial, CO, we offer umbrella insurance. 

Umbrella Insurance Basics

You’ll need to have the maximum coverage limits for your auto and home policies to get an umbrella policy. Most policies have a maximum coverage limit of $500,000. 

If you are liable for damage or injuries that exceed that, you are liable for the difference. For example, you cause a 10-car pileup on the interstate. You have $500,000 in auto insurance, but the damages are $1 million. Without umbrella insurance, you’ll owe $500,000. 

This is concerning because a judge can order you to give up your assets to pay the costs you owe. 

Umbrella Insurance and Net Worth

Experts typically recommend that you have an umbrella policy if you have a net worth of $500,000 or more. Add all your assets, including bank accounts, investments, and homes, to determine your net worth. Then, subtract any debts you have. This is your net worth. 

It’s wise to protect your net worth with liability coverage. If you have a $1 million net worth, a $1 million umbrella policy may be sufficient. However, it would be best to consider umbrella insurance even with a lower net worth. 

Consider Your Future 

Why would you need an umbrella policy that exceeds your net worth? If you owe money due to a liability claim, a judge can order your future earnings to be garnished in addition to taking your current assets. 

This can have a significant impact on your current and future financial stability. 

Umbrella Insurance with Atrium Insurance Group 

If you need umbrella insurance in Centennial, CO, contact Atrium Insurance Group. Our expert agents are here to discuss your needs and help you select the right policy for your situation. 

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