What is an umbrella policy?
We probably have more to lose than most of us realize. Do you really know if you have enough insurance to protect all your assets? What about future wages? Are you be prepared to pay out thousands in defense costs, in addition to any judgement against you in a lawsuit?
The truth is, you never know what can happen. You can think of a million reasons to not have umbrella insurance, but it only takes one to realize you should.
An umbrella insurance policy is designed to give you additional liability to what your home and auto policies already provide. Check the personal liability limits on your homeowner’s policy, then check the liability limits on your auto policy. Remember, any accident you’d be liable for would be covered either under your homeowner’s or your auto policies, not both. So, don’t add the two limits together. If either of the two limits are exhausted, then you pay the rest out of pocket. An umbrella policy is handy because it kicks in once either of the two limits run out.
Don’t think “Well, I don’t have anything anyway, so they won’t get anything!” This is dangerous because you could have your future wages garnished likely for the rest of your life. So they can get blood from a turnip after all!
Are you still unsure whether you need one or not? Check out our free umbrella calculator on our Resources page to find out what you may have at risk of losing. If you find you are under-insured, please call us today and let’s discuss what it would take to give you peace of mind and security.