Are you thinking, “what is umbrella insurance, and why would I need it?” Umbrella insurance provides additional liability coverage for others and damage to their property. If you live in or near the Sandpoint, ID area, The Insurance Shop USA can explain the benefits of having this coverage.
Umbrella liability coverage takes effect when your other insurance policies have been exhausted. It protects you against potential financial disaster resulting from unforeseen events leading to property damage or injury for which the policyholder is at fault.
If you have significant wealth, it is worth obtaining an umbrella policy. The liability coverage provided by your homeowners and auto insurance policies may not be enough if you get sued for a dog bite, accidental injury to someone else, or a car accident.
Your assets and savings need protection beyond the liability limits provided by your vehicle and home insurance. Umbrella insurance protects your assets up to $5 million or more, depending on the insurance company.
Purchase as much coverage as your total net worth. Consider assets such as your home, cars, investments, retirement accounts, and college savings. To put it simply, if your assets total $1 million, purchase at least $1 million in umbrella coverage.
Something for seniors to think about. If you are on retirement income, a car accident you are responsible for could present a problem. If you are sued, your assets are at risk. Umbrella insurance is a form of liability protection specifically designed to protect the insured’s assets.
If you have assets that need protection, consider an umbrella policy with the help of The Insurance Shop USA. Don’t risk losing your assets through a lawsuit. Contact them today to make sure you are protected.