Umbrella coverage may not be required in Spokane, WA, but it’s recommended if you have assets. Policies are sold in $1 million increments, and the more assets you have, the more coverage you want.
Look At Your Risk
A car accident can be a common scenario, which results in a significant judgment and would trigger the need for umbrella insurance. Your risk will be higher the more you drive and if you have elderly or teen drivers. Other things in your life can also increase your risk. For example, if you have a condo, then you could be held responsible if you damage other units. You are more at risk if you have a swimming pool, trampoline, boat, RV, or dog. You could be more likely to get sued if you serve on your homeowner’s association board or are active on social media. If you have several responsibilities, then you could be at a higher risk, which means you need more coverage.
Look At Your Assets
The typical $1 million policy is usually enough for most people. However, if you have more assets, an agent at Western Insurance Associates may be able to help you determine how much more you need. A simple way to get an estimate of your net worth is to add up your belongings, which means your properties, house, retirement, bank accounts, and any investments you have and then subtract your liabilities or debts you currently have. Also, keep in mind your current income, as well as your expected future income. As your income grows and you get more net worth, you may want to increase your coverage. Keep in mind you will also need to meet the minimums required for auto insurance in Spokane, WA and the minimum homeowner’s insurance your lender requires you to have before getting umbrella insurance.
Contact Western Insurance Associates to get a quote on umbrella insurance.