To adequately protect yourself in a lawsuit, a general rule of thumb is that your liability insurance limits should match your net worth. The rule applies to all of your property and casualty insurance policies: automobile, motorcycle, boat, homeowners, renters, recreational vehicle, etc. If your net worth can't be covered by these underlying policies, you might need to consider an umbrella policy which provides additional liability coverage. At Seasons Wealth, we don't sell property and casualty insurance but we can't help you prepare a net worth statement so that you can then work with your insurance agent to secure the correct amount of coverage.
Umbrella policies
