Why You Need Umbrella Insurance for Your Home, Car, and Boat
When it comes to insuring your home, car or boat, it's important to have primary insurance policies that provide liability coverage for each of these assets. While it may seem like your primary policy limits are enough to cover all claimed damages, they may not be sufficient for everyone. This is where umbrella insurance comes in.
What is Umbrella Insurance?
Umbrella liability insurance is designed to offer additional protection against claims made against you for bodily injury or property damage due to a car accident, boat incident, fall or other covered accidents, and personal liability claims like libel or slander that can lead to unexpected out-of-pocket expenses. If you are concerned about safeguarding your income and assets, it's time to consider purchasing umbrella insurance.
Why You Need Umbrella Insurance
The concept of umbrella insurance may seem confusing, but it's not as difficult to understand as it may appear. If you have assets that you want to protect, regardless of whether they are homes with swimming pools, rental properties that you own or boats that you use during the summer, it's important to consider purchasing umbrella insurance. While these items offer leisure and entertainment, they can also present significant property and liability concerns.
It's common to hear stories of accidents occurring when the homeowner isn't present or teenagers using a car or boat unsupervised. These types of accidents can lead to serious claims against you, leaving you with unexpected financial burdens. An umbrella insurance policy not only covers the excess liability claims without limit but also provides peace of mind. It's important to remember that no one knows when things go wrong, but it's better to have extra protection in place when things do go wrong.
Determining How Much Coverage You Need
The amount of umbrella coverage required depends on the value of your financial assets, which includes the value of your properties, equity, jewelry, art, antiques, cars, boats, other vehicles, savings, investment accounts, retirement accounts, and other valuables. It's essential to speak to your insurance agent, who can advise you on the amount of umbrella coverage that makes sense for you.
If you're still unsure if the cost of an umbrella policy is worth it, if your net worth is higher than $500,000, then umbrella insurance is a necessity. Also, keep in mind that umbrella insurance is generally very affordable. The cost of umbrella insurance depends on various factors unique to your situation. To save money on your premiums, it's advisable to bundle policies with the same insurance carrier.
Protect Your Assets with Umbrella Insurance
Purchasing an umbrella policy is a perfect way to safeguard your assets now to help avoid significant financial hardship later. At the end of the day, life is unpredictable, and accidents can happen to anyone. However, with the right insurance policies in place, including umbrella insurance, you can protect yourself financially. So, If you own a home, car, or boat, it's important to have umbrella insurance coverage that offers extra protection in case of accidents or liability. Contact Family Union Insurance today to learn more about umbrella insurance coverage.