Umbrella insurance is an additional liability policy that can compensate for damages or injuries, which you cause. It doesn’t provide extra insurance for the home or cars. Umbrella insurance can’t be used on its own. There are a few types of claims that are only covered by an umbrella policy, but umbrella insurance will kick in once you have exhausted your other liability policies.
For example, if your auto insurance policy has a limit of $250,000, but you need to pay $550,000 after an accident, then this is where umbrella insurance would kick in. Lawsuits are most often filed for injuries or damages that occur from a car or home accident, children or pets, boating or other recreational vehicle accidents, rental homes or investment properties, and even social media activities. Regardless of the types of allegations or suit filed, you are sure to have hefty legal fees, which can be covered by umbrella insurance.
Since umbrella insurance isn’t a required insurance policy, many people think they don’t need it. However, life can be uncertain, and umbrella insurance provides a lot of protection. When considering getting an umbrella policy with Best Choice Insurance, take a look at your net worth. It’s important to remember that you can be sued for everything you have. This includes any retirement savings.
Look at the different risks you encounter throughout your day. Do you have a long commute to work? You are more likely to get into an auto accident. Do you have a teen driver? Teenagers are more likely to get into an accident, and you could be sued for the damages. Even if you think you don’t have that many assets to protect, you could end up losing your home investments, savings, and even future wages. Umbrella policies are usually cheaper than upping the coverage limits on your auto and home policies, so it makes sense to get an umbrella policy.
Contact Best Choice Insurance to get a quote on umbrella insurance.