Is a personal umbrella insurance a requirement in Manchester NH?

When it rains lawsuits, you need an umbrella to shield you from getting wet. Umbrella insurance or extra liability coverage offers an additional layer of protection when the limits of standard insurance policies like home and auto are reached. 

Do you need umbrella insurance?

While umbrella insurance is not mandatory in Manchester, NH, it is prudent to have one, especially if you have a tight budget on other insurance policies. Associated American Insurance can help guide you on how much umbrella insurance is adequate for you and which perils you should prioritize.

You should buy umbrella insurance if you fit more than one of the following:

  • If you own dogs or any dangerous pet
  • If you own a boat, car, or any other form of vehicle 
  • If you are a youth coach
  • If you are a parent or have parents
  • If you regularly have guests in your home 
  • If you run a business in your home
  • If you own rental properties and other assets

The above activities increase your chances of being involved in lawsuits, even when they may seem harmless. You may think that buying a complete coverage because you own a dog is a joke. Wait until your furry friend bites a stranger or another dog and you are slapped with lawsuits amounting to several thousands of dollars.

When to buy and how much is adequate

Many people prefer buying umbrella insurance from the same provider who processed other policies, and there is a secret reason for this, good discounts. There is no better time to buy insurance than now when everyone is staying at home. To understand how much coverage you should buy, make sure you have answers to the following:

  • Are you exposed to any significant risks?
  • What is your potential loss in case of a lawsuit?
  • Do you know the value of your possessions?

For more information, quotes, or questions, visit Associated American Insurance in Manchester, NH today.