In the Ocean State of Rhode Island, most people have income, houses, various debts or savings accounts, or some combinations thereof. All of these figures add up to a single person’s or a household's net worth. In today’s society where there are lawsuits filed for virtually any slightest sniff of injustice, even the best liability coverage of your assets may not prevent a huge bill should you be found liable for another’s injury – whether it’s emotional, financial or physical.
While liability insurance of any kind can protect you from paying out large legal bills, there are some events that liability coverage just can’t cover. Sometimes, lawsuits may not involve your house or car. After all, it is Rhode Island – it will rain. Do you have your umbrella?
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How Big Should Your Rhode Island Umbrella Be?
- The median household income in Rhode Island is about $53,600, which is above the U.S. median.
- The median net worth in the northeastern U.S. is about $91,000.
- The Home Value Index for Rhode Island is about $200,000.
What is Rhode Island Umbrella Insurance?
As the name suggests, Rhode Island umbrella insurance is a policy that completely protects you from any potential loss of assets through legal means or medical bills. As one would use an umbrella when it rains in Providence, one would possess umbrella insurance to ensure that assets and way of life don’t get wet by a lawsuit or excessive medical costs due to accidents and injuries.
Let us use an at-fault car accident as an example. Let’s say you have $250,000 in liability coverage to cover an accident in which you were at fault. However, the victim suffered injuries that resulted in $400,000 in medical costs. Without umbrella insurance, you would be responsible for the $240,000 balance once your auto insurance limit is reached. If you had a $400,000 umbrella policy over all of your coverages, the umbrella policy would pay that difference, which spares you from selling your house, your car and your dog.
Why is This Insurance So Cheap for So Much Coverage?
A Rhode Island umbrella insurance policy is extra liability insurance, so it does not kick in until all other liability insurance options have been exhausted. That is why you can get a $1 million umbrella policy for less than it takes to insure a $250,000 home. If you have adequate liability coverage to begin with, the chances of you filing an umbrella claim are very slim, so an insurance company does not have a high risk of paying out, so the premium on the policy is very reasonable.
So, How Much Coverage Might I Need?
To determine the proper amount of Rhode Island umbrella insurance you need, you will first visit with a Trusted Choice® network-member agent in your area and discuss your entire net worth, which includes all assets and liabilities, and evaluate your current liability coverages for your home and vehicles. Other facts such as your age, profession, zip code in which you live, and the total value of your assets will be factored into not only the amount of coverage, but also the premium you will pay. Once that assessment is made, your Trusted Choice network agent will do the research for you to find competitive Rhode Island umbrella insurance quotes which come from a number of reputable companies. You will then have the very best options available so you can have peace of mind and financial peace by not paying out the nose for an umbrella when it rains. Find a Trusted Choice agent today.