What is Umbrella Insurance and Why You Need it
Umbrella insurance is an additional layer of protection for your assets and income. It provides coverage beyond the limits of your standard insurance policies, such as your auto or homeowners insurance. In this article, we'll explore what umbrella insurance is and why you may need it.
What is Umbrella Insurance
Umbrella insurance is a type of liability insurance that provides extra coverage beyond the limits of your standard insurance policies. If you are sued and found liable for damages, your umbrella insurance policy will provide additional coverage up to the limit of your policy. Umbrella insurance policies typically start at $1 million and can be increased as needed.
Who Needs Umbrella Insurance
Anyone who has assets or income to protect should consider umbrella insurance. This includes individuals with significant savings, investments, or real estate holdings, as well as those with high-risk lifestyles or jobs. For example, if you own a home, have a high net worth, or engage in activities that increase your risk of being sued, umbrella insurance can provide valuable protection.
Benefits of Umbrella Insurance
Umbrella insurance provides a number of benefits, including:
1. Extra coverage beyond the limits of your standard insurance policies
2. Protection for your assets and income
3. Coverage for legal fees and other costs associated with a lawsuit
4. Peace of mind knowing you are protected against a catastrophic loss
How Much Umbrella Insurance Do You Need
The amount of umbrella insurance you need will depend on your specific circumstances, such as your assets, liabilities, and income. It's important to work with an insurance agent who can help you determine the right amount of coverage for your needs.
Umbrella insurance is an additional layer of protection for your assets and income. If you have significant savings, investments, or real estate holdings, or engage in high-risk activities, umbrella insurance can provide valuable protection. To learn more about umbrella insurance and how it can benefit you, be sure to speak with your insurance agent.