Umbrella Coverage - Why Do I Need It?
Top 3 reasons for needing umbrella coverage:
Extra Liability Insurance
Liability limits on typical home and auto policies are fairly modest when compared to the value of new homes and cars. Clients can purchase umbrella insurance in increments for the right amount of extra protection at the right price.
You have a legal right to defend yourself against claims of injury or loss, but lawyers are expensive. Not only will umbrella insurance help you pay claims, it can help pay for legal defense.
Some umbrella insurance polices can get modified to cover more unusual risks that are not typically mentioned in an ordinary policy.
Umbrella insurance provides significantly more coverage for injury suits and property damage claims at just a tiny fraction of your regular homeowner policy premium. And many umbrella insurance policies can also protect you against damages that often aren't included in other liability policies, providing you with an added layer of protection against financial loss. In fact, considering its relative low cost and level of protection it provides, umbrella insurance is one of the best deals in insurance today.
Umbrella Coverage starts at $1 million for the lowest amount of coverage, with limits up to $5 million. The underlying limit for $1 million is 250/500.
Umbrella insurance can protect your assets and provide additional protection. Ex: car accident damage $1,500,000, your auto liability limit is $500,000, max payout on the policy is $500,000, gap in coverage is $1 million (what driver owes), with an umbrella policy of a limit of $1million this would cover the gap coverage.
We can run some rough quotes if you need us too! Let me know if this makes sense or if you have any questions, or just want a little more information.
Call us today 970-292-8116