Who Needs Umbrella Insurance?

Who Needs Umbrella Insurance?

Have you ever considered umbrella insurance but thought that you wouldn’t qualify for it for some reason?  Maybe you thought umbrella insurance was for the rich or for people who own expensive items.

The truth is that umbrella insurance is an option for anyone looking to increase their insurance coverage.

The name umbrella insurance is suited very well for the type of insurance coverage you will get with your policy.  If your regular insurance policy is like a jacket that can keep you dry in a light rainstorm, an umbrella insurance policy is like the actual umbrella you would put up if that light rainstorm turned into a heavy downpour.

Let’s look at an example.  A homeowner’s insurance policy usually covers up to $500,000 in the event of a liability claim.  However, what happens if a person is injured on your property and requires major surgery that ends up costing well over $500,000?  Once your homeowner’s insurance has reached its limit of liability, you will then be responsible to pay the rest of the claim out of your own pocket.

In that example, the remainder of the liability claim could have been paid by an umbrella insurance policy if it had been in effect at the time.  For a minimal premium, you can increase your insurance’s limits with an umbrella policy.  In fact, some mortgage lenders prefer the increase in insurance in order for you to procure a mortgage loan.  Some home features like swimming pools require mortgage companies to ask for increased limits for better protection.

Whether you are required by your mortgage company or just want to have the increased protection for personal reasons, we would love to offer you a quote on an umbrella policy to help further protect your finances.

Call us today and we can discuss a policy that will fit your budget and your lifestyle.

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