Understanding Umbrella Insurance Needs

Determining the appropriate amount of umbrella insurance can be challenging due to the unpredictable nature of liability exposure. A common guideline is to have at least enough coverage to protect one's net worth; however, this is often more complex than it seems. For instance, a doctor might have significant malpractice coverage that protects them from high liability risks, yet their public status may increase their chances for being targeted in lawsuits. It is suggested to assess one's specific liabilities, consider personal circumstances, and then seek quotes to make an informed decision.