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How much Umbrella Coverage do I Need?

The minimum amount of coverage for umbrella policies is $1 million. Policies are typically offered in larger amounts, but the amounts umbrella policies come in are always in increments of millions. Companies targeting individuals with a high net worth may offer policies that cover as much as $50 million or more. The majority of individuals who purchase umbrella policies pick the standard amount of $1 million, but there is a growing number of people choosing at least $2 million or more. For a policy of just $1 million, the annual premium is between $200 and $250. However, that amount may be higher if the insured has young drivers on the policy, more than two cars or points on a driving record. Each amount more than $1 millions costs slightly less to insure, but the increments become significantly more expensive after the $10 million threshold.

Keeping in mind that there are many types of coverage and each consumer will have different specific insurance needs, there may be several reasons to consider consolidating your various policies with a single carrier. For most people, the pros of consolidation usually outweigh the cons, but here are some points from both sides:

Determine and Proving who is at Fault in an Accident

Unfortunately, accidents do happen even to the most cautious drivers. Mishaps on the road can sometimes be prevented, but every driver needs to be prepared for the possibility of an accident. It is important to determine who is at fault and to call the police to establish a record of the occurrence to be used later when filing a claim.

Through common sense, it is typically easy to figure out who was the careless driver, but beyond a verbal agreement, you will have to secure a written police report to support your insurance claim. Take note of the following steps to ensure fault is appropriately established.

Money is still tight for many Americans, meaning most are still looking to save when and where they can. Some people have even turned to the their insurance policies as a place to cut costs. Insurance can be expensive, but consumers need to carefully ask themselves where and how they can really save money in this area without jeopardizing the protections offered by their coverages.

You have the phone and the capabilities that come with it. Using the phone to manage all of your insurance affairs is not only smart, it will put you ahead of the game if you need to access your insurance information or if you end up having a claim. There is no better place than having all the information and tools on your smart phone because it is likely with you at all times. The best news is, the resources are there and putting in place what you need is a snap.

Annuities are the only financial product on the market specifically designed to convert a lump sum to a guaranteed income. As such, they are powerful tools for hedging against uncertainty and risk. But they also come with powerful tax advantages as well.

Research shows that many consumers who use direct insurance return to using independent agents for the value they offer. Learn why.

Workplace safety isn't optional. It's the law. Failure to take steps to ensure a safe workplace for all employees can have immense consequences not just for the workers themselves, but also for the business as an ongoing concern. Failure to enforce workplace safety standards and failure to maintain adequate insurance coverage can mean bankruptcy for small and medium-sized businesses in the event of a serious accident.

The Division of Banking recently released advisory information regarding skimming of credit cards and ATM cards. Skimming is a practice commonly used by cyber criminals to steal card information when consumers use their cards at ATMs, gas station pumps or ticket kiosks. Anyone who uses these types of machines is at risk. Modern skimmers are tiny card readers that attach to the swipe slot of a machine.

As with all life insurance policies, the most important reason to own them is the tax-free transfer of a large lump sum to beneficiaries, at the death of the insured. It's a hugely valuable benefit to families and estates, and the protection of loved ones and those depending on you is the primary purpose of all types of life insurance.