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You’re required to have liability coverage for your car and home, and the legal minimums are low enough that the coverage usually doesn’t add that much to your insurance premium. However, inflation is making that coverage inadequate. As prices go up for materials, medicines, and everything else you might have to pay for if there’s a claim, you want to be sure your coverage is high enough to pay for it all. Most of the time, that means increasing the liability limits on your current insurance policy. However, depending on the policy and the company, you may be better off with umbrella insurance. The Christian Insurance Agency, serving Magnolia, TX, can help you decide.
Two for the Price of One
Increasing liability coverage does increase your premium payments, and if you increase the coverage by a lot, you may have a jump in premiums that’s really noticeable. Multiply that by two because you’ll want to increase both home/renters and car insurance liability. However, a cheaper option might be to get one umbrella policy that you can use for both home and car coverage. The umbrella policy wouldn’t replace your basic policies. It would pick up where the other policies left off in terms of coverage. Once you hit the max on your car insurance, for example, the coverage for additional costs would come from the umbrella policy. And those umbrella policies really aren’t that expensive. They might even be cheaper than increasing the liability on your other policies.
The best way to find out how much everything would cost is to call an insurance agent. Give us a call here at the Christian Insurance Agency, serving Magnolia, TX, to see how your premiums would be affected by increasing your liability coverage vs. getting umbrella insurance.