Bob Wool Insurance Agency

When deciding whether umbrella insurance is right for you, some things to keep in mind are whether you own a home, whether you own any significant assets, and whether you have built an investment portfolio or retirement savings account.

Make sure you understand the exclusions involved with umbrella insurance. For example, illegal activity is not covered. If you cause a horrific accident and are found legally drunk, an umbrella policy will not pay for that claim.

Umbrella insurance can be critical in some areas where there are limits on policies. Federal flood insurance, for example, can be no greater than $100,000 coverage for contents and $250,000 for structures. However, umbrella insurance is available to extend those limits.

New types of life insurance products are always being introduced. An insurance expert is familiar with all the available products and, after becoming familiar with your background, can decide if any are worth purchasing.