Even with your homeowner’s insurance and car insurance policies in place, you’re not always protected from serious financial loss. Umbrella insurance provides you with an extra layer of protection for your many assets. Umbrella insurance will step in and fills the gaps where your car insurance or homeowner’s insurance stop. Umbrella insurance, however, does not replace other insurance policies. It’s a type of coverage that you buy in addition to your existing policies.
In the event that you’re ever involved in a lawsuit, umbrella insurance might just be the thing that saves the day. Sometimes a car accident can spiral out of control. If you’re involved in a lawsuit, you could be ordered to pay damages in excess of what your current policies will pay. Depending on the amount, your assets could be at risk. Your assets include things like retirement funds, investments, savings, and even your future earnings. You worked hard for all of your assets, so you’d be wise to take extra precautions to protect them.
A car accident is just one scenario in which your umbrella insurance could kick in. An umbrella policy also provides protection in the event that an accident happens in or around your home. If another person is injured on your property, it could turn into a costly lawsuit. Whether they slip on the ice or trip on your steps, it’s good to have that extra coverage. Often, homeowners with pools or trampolines purchase umbrella insurance, just in case of injury.
In a perfect world, you’ll never need to use your umbrella coverage. But it’s a rather small price to pay for that extra layer of protection. Give us a call today to learn more about the benefits of umbrella insurance. Talk to an agent and buy yourself a little peace of mind.