Whether you're an individual or a business owner, umbrella insurance offers an increased level of protection. This policy is designed to cover the cost of damages that exceed the limits of your current personal or commercial insurance policies. Instead of just one specific area of protection, it extends to all areas of your life. To find out if you should purchase an umbrella insurance policy, ask your agent the following questions.

Top Questions to Ask About Umbrella Insurance

1. How Much Liability Coverage Do My Current Policies Provide?

To determine your need for additional coverage, first establish your current liability coverage limits across all plans. This includes home, auto, and business policies. Look at each plan and compare the liability limit to the total assets of that coverage area. If the value of your assets exceeds that of the associated plan, consider an umbrella policy to ensure that your investments are properly protected.

2. How Much Umbrella Coverage Do I Need?

Your agent will look at your current coverage areas and limits and provide a risk assessment. This review considers factors that increase your risk for a lawsuit such as owning a dog or having a pool. They’ll then advise you on the minimum amount of coverage and their suggested level to ensure your financial safety.

3. How Much Will a New Policy Cost?

Once you've determined the need for extended liability coverage, it's time to get a quote. Compare this amount to your budget to decide if the purchase is feasible. If the plan is more than your budget, ask your agent about possible endorsements to the current policy. This can extend each plan's liability protection through a rider. While this is an additional cost, it could be the most cost-effective choice if you need a small increase in coverage.

Expand your protection today with a personalized umbrella insurance policy from Taake Insurance Agency LTD in Columbia, IL. Since 1977, this locally owned independent agency has built a reputation for providing reliable, friendly service to their residential and commercial clients. Their team of insurance agents is dedicated to helping every individual find the most cost-effective solution. Request a quote today online or by calling (618) 281-7656.