Umbrella Insurance: What Is It, and Do You Need It?
If you own a home, you have homeowners insurance. When you own a car, you have auto insurance. If you own a business, you have business insurance. If you have a family, you have life insurance. But, what happens if you find yourself in a situation that is more costly than your basic policies will cover? This is where umbrella insurance will kick in.
Extra liability insurance
Remember saving up for a rainy day? That’s what umbrella insurance is: extra liability coverage for that extra rainy day. Umbrella insurance will protect you when other policies have exhausted their limit.
In each life, a little rain must fall
Life is full of unforeseen events; some joyful, some tragic. Umbrella insurance is an extra safety precaution set in place in case of a major accident or tragedy. Umbrella insurance will protect your personal assets, as well as your business in case the unimaginable happens. Paying damages for bodily injuries or death can be much more expensive than your basic policies can cover.
We’re not trying to scare you, but with one misstep, your whole life can change. One wrong turn, and you could be facing serious liability claims or lawsuits. Not because you are negligent, not because you are malicious or had the intent to hurt another person, but because accidents can happen anytime, anywhere.
Umbrella insurance can also help you cover legal fees in case a lawsuit is filed. Even if you are not found liable, umbrella insurance can help you pay your legal fees.
Umbrella insurance can prevent financial ruin
If you are held liable and have to pay damages for a tragic accident and you don’t have the proper liability insurance to pay the bill, all of your other assets are exposed – your home, your car, your business, and your savings. Don’t let an unforeseen accident or event leave you in financial ruin.
Talk to one of our agents about your options for umbrella insurance.