Umbrella insurance is a unique category in the insurance world, as it can be applied to a variety of emergency scenarios. This type of policy offers you an extra layer of protection to ensure your assets, your wages, and your future is secure. Here's what you need to know to decide if an umbrella policy is right for you.
Having the right amount of liability insurance coverage is having a secure "peace of mind"! An umbrella policy provides the added layer of protection that could save you from a financial loss. For example, what would happen if you cause an accident and your auto liability limits are not enough to pay all their medical and repair bills? What if your dog bites a neighbor? What if are out golfing and hit someone in the eye causing major issues? In some cases, your other auto insurance or home insurance policies may not have limits high enough to cover the damages or injuries in a disaster. If you have an umbrella insurance policy in place, though, it can pick up where your auto or home insurance policy left off.
The goal of an umbrella policy is to protect your personal assets in the event of an insurance shortfall, so you'll want to have a coverage limit that is sufficient to protect those assets. Most umbrella policies have a minimum limit of $1 million, so we typically recommend this type of policy to start. Of course, you can purchase as much additional insurance as you think you might need beyond that $1 million minimum, and we strongly recommend that you do so if you have significant personal assets and wages to protect.
Stover Strong Insurance Brokers will be more than happy to assist you in establishing an umbrella insurance policy. We'll evaluate your current and expected future assets to ensure you have enough protection in place. We'll always take the time to answer all of your questions so you fully understand the limits and capabilities of your various insurance policies. Get in touch with our team today to learn more about umbrella insurance and how it fits in with the other types of insurance in your portfolio. Call 480-336-9648 to get started.