PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How do I know if I have enough insurance to cover all of my assets of over $1 million?
"I have had a lot of big life changes lately: a new home, new job, etc., and I have started to wonder if I have enough insurance. My assets total a little over $1 million.
How much coverage should I have for auto or home insurance to make sure I am protected in the event of a lawsuit? "
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Every situation is different and it can be hard to plan for the unknown. In general, your insurance coverage should grow and change along with your life. If reasonable, it is a good idea to have liability limits that equal or slightly exceed your total assets.
It sounds like an umbrella policy will work well for you! An umbrella policy extends the liability coverage above and beyond your standard auto and homeowners insurance. The coverage usually is available in $1 million, $2 million, and $5 million policies.
To be eligible for an umbrella policy, your current car and homeowners policies need to have
liability coverage
limits of $300,000. Once this is established, you can reach out to any number of large carriers like Progressive
, Allstate
, or Liberty Mutual
for the additional umbrella policy. “View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies