There is no precise, scientific answer nor is there a single, reliable “rule of thumb.”
Liability coverage isn’t purchased for the average claim, rather higher limits are purchased for the catastrophic type loss. The type of loss that could jeopardize one’s personal assets & earning potential.
Question: Has your net worth increased over the past five years and have you increased your liability coverage to reflect this increase?
In response to increasing net worth, we recommend Personal Liability Umbrella coverage.
Umbrella coverage starts at one million dollars and “sits over” your automobile and home liability coverage. Coverage can be purchased in increments of a million up to $5M.
Personal Liability Umbrella coverage has underlying personal automobile liability requirements of $250,000 per person/ $500,000 per accident.
Call or click us today to find out how much liability coverage is right for you.