If you own dogs, have a pool, have accumulated valuable assets, or even have a teen driver in the household, then you may need Marietta umbrella insurance. The amount of personal injury lawsuits filed have skyrocketed over the last decade or two, and even people who would have never thought of themselves as at risk have lost everything because of it.
Umbrella insurance in Marietta, Ga. provides an extra level of protection over and above what your regular insurance policies cover. However, before you go out and purchase 10 million dollars worth of extra coverage, you really need to step back and think about what you need and why.
Here are three common mistakes people make when purchasing Marietta umbrella insurance, as well as information for how to avoid them:
1. Purchasing far too much coverage. A person cannot take from you that which you do not have. Therefore, even if you are found liable for 2.5 million in damages, you really aren’t going to lose much if you don’t own anything of value. Homeowners would probably need extra umbrella insurance more than renters would, since homeowners have an asset than could be seized. Unfortunately, people who do have nice assets seem to be targets for lawsuits, whereas many will decide it’s not worth the effort to sue someone with few assets.
2. Purchasing far too little coverage. At the opposite end of the spectrum are the people who feel secure in the amount of their umbrella insurance coverage, but really don’t have enough. It would be a shame to have 2 million in coverage and still lose your home because your liability was for 3 million! Marietta umbrella insurance is not very expensive, particularly when compared to the amount of coverage that you receive. Make sure that you have enough!
3. Overlooking recreational assets. Most people know they should protect their homes, investments, and other real property, but so many overlook the other items of value that they have accumulated. Collector cars, boats, motorcycles, recreational vehicles, and other items of value can be seized just as easily as anything else. If an item is worth more than a few hundred dollars, you should be including it in your total net worth. This will help you to establish the level of umbrella insurance coverage that you need without going overboard.