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I am not confident that I have enough insurance coverage on my home or car. When might buying an auto or home umbrella policy be a good idea?

Insurance policies have limits. They will only cover claims up to a certain amount. In some ways, these limits are helpful–after all, putting a cap on the amount of money your insurer might spend on your policy ensures that you control your monthly insurance premium expenses.

But that’s not to say they aren’t without their drawbacks. When you get sued for an accident or injury someone suffers at your home or because of your driving, the limits imposed by your policy might not meet your needs if the lawsuit against you is won.

In these cases, it is helpful to have an umbrella policy. Umbrella policies protect liabilities that stretch beyond your insurance policy’s limits.

It adds additional protection in the event that you need more than your insurance policy affords you. Unfortunately, you are always at risk for these additional claim expenses, and that means that a home or auto umbrella always makes sense.

When you are comparing insurance rates, you may find that an umbrella policy is less expensive to add to your coverage than an increased limit. Be sure to compare insurance rateswith and without this coverage.

Courtesy:  e-wisdom.com

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