Hello WalletHubbers! Today we are going to talk about the best umbrella insurance companies. In general, the best umbrella insurance companies are the ones that offer broad coverage at a reasonable price. On average, a $1 million umbrella insurance policy costs between $150 and $300 annually.
After that, each additional $1 million in coverage costs between $50 and $75 per year. With this overview, we can move on to the three most important things to consider when purchasing an umbrella policy. First, you need to check what your current home or car insurance is offering.
Most major insurers will only issue umbrella policies for existing customers, although there are some standalone providers. Secondly, make sure that you have already purchased sufficiently high limits of liability. The exact requirements for umbrella insurance vary from company to company, but some require customers to have at least $250,000 per person liability insurance before purchasing an umbrella policy.
Third, you must choose roof insurance limits that reflect your current assets and take into account future earnings. If someone sues you for damages, your assets could be at risk, so it’s important to have adequate umbrella insurance to cover your net worth. Finally, make sure you find an insurer that fits your specific insurance needs. For example, if you are a business owner receiving coverage for your business, you will need to purchase a business umbrella policy. To see WalletHub’s full list of top umbrella insurance companies, just click the button here.