Do You Have Enough Liability Coverage? Consider Umbrella Insurance.
You read it in the newspapers all the time, huge payouts being awarded in lawsuits. But are your typical Property and Auto Insurance Policies enough to keep your assets from risk? Every home and business owner or anyone who has substanial equity in assets should consider getting an Umbrella policy to give themselves this added protection against liability.
What is Umbrella Insurance?
It is protection that covers the underlying policies beneath it. Usually sold in $1 Million increments they are relatively inexpensive for the extra protection they afford you. For less than a $1 a day you can protect your assets from risk.
Your insurance company might require you to increase you underlying coverage to a certain minimum amount as this second tier insurance doesn’t kick in until the underlying coverage is exhausted. If your insurance company doesn’t offer this type of policy, you may be forced to switch as some companies that offer this type of policy require that the underlying policies be from them as well.
Talk to your insurance agent today to learn more about the costs and benefits associated with this type of policy and see if it is right for you. Nobody expects a catastrophic event to happen in their lifetime but having this type of policy if one does occur could save you and your family or business from bankruptcy.
