Choosing your insurance can be a complicated process if you neglect to take the time to do a little research. If you’re smart, you’ll know then that standard home and auto policies won’t always cover you for everything. You’ll understand that having an additional policy that kicks into high gear when your standard policies have exhausted themselves is vital for financial security. This key policy is called CT umbrella insurance.
CT umbrella insurance is the policy that covers you when your home or auto policy cannot cover you completely in certain circumstances. The term ‘umbrella’ derives from the policy’s ability to cover every policy underneath it (your home, auto, etc.). When deciding how much liability coverage to buy when looking into an umbrella policy, consider the following factors:
Net worth. The higher it is, the more coverage you need.
Owning a business. Your potential exposure to lawsuits increases.
Young drivers in the household. Teens are more accident-prone.
Visibility in your community. The better known you are—think CEO or celebrity—the more potential there is for a lawsuit because you’re considered a person with “deep pockets.”
Attractive nuisances. Kids are more likely to get hurt at homes with pools, trampolines, jungle gyms, and the like.