That's A Good Question. Let's See...
So, you're off to a good start. You already know what an umbrella policy is and what it covers, but you still have one very important outstanding question, and that is: Do I really need an umbrella policy? Good question...and as usual, one good question leads to another (or 3 others). So, take just a moment to ask yourself these 3 basic questions:
- Do I own a home?
- Do I own any significant assets in addition to my home?
- Have I built an investment portfolio or retirement savings account?
If you answered "yes" to any of these questions, then it is important that you protect these assets in case of an accident or lawsuit. So, ask yourself one more question. Are your assets already adequately protected? Good question. Let's do a little math! Oh, I promise it won't be that painful. Let's see if you're already adequately protected.
- Add up your assets – the worth of your home, money in the bank, stocks, bonds, other assets, and available funds from a 401(k) or other retirement plans.
- See how much liability coverage you have on your homeowners and auto policies, and if applicable, your boat policy.
Now, is the liability coverage on each individual policy enough to cover your assets? If you don't have protection that exceeds your assets, that's even more reason to think about purchasing an umbrella policy. It's that easy! Give us a call at 1-866-272-5192 to get a quote for a GEICO Personal Umbrella policy. We're waiting to hear from you.
Already Have An Umbrella Policy? Great, But Is It Up To Date?
If you're wise enough to have already purchased a policy, then ask yourself another question (it's the last one, I promise). Have you taken a look at your umbrella policy lately? Have your assets grown while your policy limits remained the same? If that's the case, you need to consider raising the limits on your umbrella policy so they cover your current assets...not what you had years ago.
Your life changes and your umbrella policy needs to keep up! Give our insurance professionals a call at 1-866-272-5192 to re-evaluate your existing policy limits.