Umbrella Insurance: Essential Protection for Your Assets
Would your current insurance be enough to protect your assets if you were held liable for someone else’s injury or damages?
Umbrella insurance is an additional layer of liability coverage that extends beyond the limits of your existing homeowners and auto insurance policies. Life is unpredictable, and while we hope for the best, it’s essential to be prepared for the unexpected. Umbrella insurance provides the extra protection needed to safeguard your assets.
You work hard for the things that are important to you. For added coverage above and beyond the liability limits of your auto or home insurance policies, a personal umbrella insurance policy can provide added protection for your assets and future earnings.
What Is Umbrella Insurance?
Consider this scenario: You cause a car accident involving multiple vehicles, and the damages and injuries total $900,000. If your auto policy only covers $250,000, you would be responsible for the remaining $650,000. Umbrella insurance can fill this gap, offering additional liability coverage beyond your auto policy’s limit, often ranging from $1 million to $5 million.
Examples of Situations Covered:
- Your pet damages a neighbor’s property
- A kitchen fire in your condo spreads to other units
- An injury occurs on your rental property
Affordable Peace of Mind
Umbrella insurance is surprisingly affordable, with most policies starting at around $175 per year. The cost varies based on the number of vehicles and properties covered, but it remains a cost-effective way to protect against significant financial risks. Even at $350 per year, an umbrella policy can cover at least $1,000,000, providing excellent value in a litigious world.
Why You Need Umbrella Insurance
A single incident can lead to financial disaster if your coverage is insufficient. With rising medical and legal costs, it’s prudent to consider umbrella insurance. To get a quote, call our office or visit our quotes page, and we’ll help you find the best coverage available.
Most insurers require you to have your auto insurance policy with them to qualify for umbrella coverage. However, stand-alone umbrella policies are available for unique situations.