
What is Umbrella Insurance?
Umbrella insurance is an additional layer of protection that covers your liabilities in case you are sued for damages that exceed your standard liability insurance coverage. It acts as an umbrella that covers the gap between your standard liability insurance and the amount of damages for which you are liable.
For example, if you are found liable for an accident that causes $500,000 in damages, but your standard liability insurance only covers up to $300,000, umbrella insurance will cover the remaining $200,000.
Why You Need Umbrella Insurance
Umbrella insurance is a critical coverage that can provide peace of mind in a world where lawsuits and damages can quickly add up. Here are a few reasons why you need umbrella insurance:
- Protection for Your Assets: Umbrella insurance can protect your assets, such as your savings and investments, in case you are sued for damages. Without umbrella insurance, you could be forced to liquidate your assets to pay for damages.
- Liability Coverage for High-Risk Activities: If you participate in high-risk activities, such as owning a swimming pool or engaging in water sports, you may be exposed to a higher risk of liability. Umbrella insurance can provide additional protection for these activities.
- Coverage for Non-Physical Damages: Umbrella insurance can also provide coverage for non-physical damages, such as slander or libel, which are not covered by standard liability insurance.
- Affordable Coverage: Despite the added protection it provides, umbrella insurance is relatively affordable and can be purchased for a fraction of the cost of your standard liability insurance.
How to Get Umbrella Insurance
Getting umbrella insurance is easy and affordable. You can speak with your insurance agent or compare quotes from different insurance companies to find the best coverage for your needs.
Make sure to discuss your specific needs with your insurance agent to determine the right coverage amount for you. It is always better to be safe than sorry, and umbrella insurance can provide peace of mind in case the unexpected happens.
Conclusion
Umbrella insurance is a critical coverage that can provide additional protection for you and your assets. It is affordable and easy to obtain, making it a smart choice for anyone looking to safeguard their financial future. Contact us today to learn more about umbrella insurance and to get a quote.