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Home Insurance Question from Fairfax, Virginia

Asked on 12/27/2018.   This question has received 165 views.
I am currently renting and have renters insurance. I recently sold my car and house on which I carried an Umbrella Policy. Should I maintain the Umbrella Policy?   AntI continue Should I continue an Umbrella Policy?

Answer given on December 31, 2018


While an umbrella policy can be a source of peace of mind in the event of a large liability issue, if you do not own or lease a car, it may not be needed or available.  Many insurance companies will not write an umbrella policy if there is no underlying automobile insurance. Of course your financial situation may determine a need for the higher liability protection.

You can purchase higher liability coverage under your renter's insurance policy.  Usually limits to $1,000000 are available through such a policy.  The cost is dramatically lower than a full umbrella policy.

If you decide to purchase or lease a car in the future you should then consider buying an umbrella policy.  You can then reduce your renter's liability limits to about $300,000.

Talk to your insurance agent or insurance company to discuss all of these options.



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