Is umbrella insurance always a necessity?

 Making sure that you are adequately covered by insurance is extremely important. When you were considering your insurance needs, there are many different types of policies that you may need including home, auto, and medical. One additional type of insurance that some people need is umbrella insurance.

Umbrella insurance is a type of liability insurance coverage that is typically on top of the coverage you receive from your home and auto policies. While most people may be OK with the base liability coverage that they receive through their home and auto policies, there are situations in which you may need to have umbrella insurance.

Significant Assets

The first situation in which you should consider having umbrella insurance is if you have significant assets. If you have a high net worth and are a notable person in your community, you are also more at risk of being sued for liability. Because of this, you may want to have a better umbrella insurance policy in place to provide you with protection.

Risk of Items Not Covered

When you have a home and auto insurance policy in place, you will receive some basic liability coverage. However, this coverage often does not include liability coverage for some specific issues. For example, if you are a reporter or author, you will not receive coverage for libel or slander. Because of this, people in these fields should always consider having an additional umbrella insurance policy in place to provide the protection that they need.

If you are in the Oxford, MS area and are curious about your umbrella insurance needs, speaking with the team at Tackett Insurance, Inc. would be a great option. The professionals at Tackett Insurance, Inc. in Oxford, MS will be able to review your situation and give you an honest assessment of your needs for this coverage and help determine how much coverage you should acquire.