Benefits of an Umbrella Policy

You have worked hard to get where you are today. Your retirement savings, your home, your cars, your “toys” – those aren’t just “things,” they are your financial security. Unfortunately, it could all be at risk as the result of an accident or lawsuit. Thankfully, an umbrella policy can help protect the results of your hard work. Read on to learn more.

 

Protect Your Assets with an Umbrella Policy

No matter how careful you are, accidents can happen. If an accident occurs and you were deemed “at fault”, your hard-earned assets could be at risk. Whatever the cost of the property damage or injuries you may have caused to other parties could exceed the limits of your car insurance policy. In fact, this is not uncommon at all. An umbrella policy would provide liability coverage over and above the limits of your auto policy. This kind of coverage could make the difference between security and financial hardship.

Costly Lawsuits

Lawsuits may not even be on your radar of things you have to worry about. Who is going to sue you anyway? The truth is, costly lawsuits are relatively common. For example, someone could slip and hurt themselves at a summer barbecue in your backyard. Even if you think it is not possible, you could be sued. An umbrella policy protects you from financial turmoil in the case of an unexpected lawsuit.

Consider How Much You Need

Remember, an umbrella policy offers protection over and above your car and homeowner’s insurance policies. Your umbrella policy would kick in once your underlying policy limits are exhausted. A simple method to determine how much umbrella coverage you need is to add up your assets’ total worth and compare them to the total liability coverage you already have. If your total assets’ value is greater than your liability limits, an umbrella policy to cover that gap is smart. On average, umbrella policies start at $1 Million and can go as high as $10 million if you qualify. Rates also are not as high as you may think.

 

Think an umbrella policy is a good option for you and your family? We can help!