Harris, associate professor of finance, spoke with WalletHub for recent report on umbrella insurance.
Associate Professor of Finance Chris Harris was featured in a recent WalletHub report on umbrella insurance policies.
An umbrella policy is an insurance policy that provides liability protection above and beyond what is covered by other insurance policies an individual already has. This type of policy is most valuable for someone who has a lot of assets but whose liability coverage under their current homeowner’s or auto insurance policy is limited.
For how people should choose their umbrella insurance coverage limits, Harris said that the amount varies by individual.
“However, a good starting point would be to consider what current liability coverage an individual has and compare that to their overall net worth,” Harris said. “That difference would likely be seen as the maximum amount of umbrella liability coverage most individuals will need, and then they would decrease that amount as needed.”