Is investing in Umbrella Insurance a good option for you?
Do you feel like you need extra coverage for your already existing insurance? If so, you might have to ask your insurance agent about umbrella insurance.
What is Umbrella Insurance?
Umbrella insurance is an additional extension to your liability coverage beyond the standard policy limits of regular insurance. Umbrella insurance is an extra layer of protection for your car, home, or boat. You may be asking yourself, "but I already have insurance for my car, home, or boat? Why would I need additional insurance like umbrella insurance?"
Well, the truth is that when lawsuits or accidents occur, the basic coverage you bought may have been limited to the amount that it covers. Often, the cost of the damage exceeds the limits of your insurance. If you were to find yourself in this terrifying situation, the grim reality is that you would have to pay out of pocket for whatever your insurance lacked to cover. The best preventative measure you can take is to have umbrella insurance and understand why it exists to provide additional security for your sake. With umbrella insurance, this policy picks up where your basic insurance leaves. Umbrella insurance is designed to protect you from major claims or lawsuits that go beyond standard insurance to protect your assets.
Umbrella insurance covers the following:
Bodily Injury Liability Coverage
Property Damage Liability Coverage
Personal Injury Coverage
Coverage for Legal Cost
So should you invest in Umbrella Insurance?
The way to determine if purchasing umbrella insurance is a worthwhile investment is by adding all your assets and determining the value of your things, i.e., home, car, business, savings, retirement, etc. If your assets are worth more than what your current insurance policies cover, then having umbrella insurance is a good option for you. This way, you are not at risk of losing the assets that you've worked so hard for at the hands of a lawsuit or accident. Having at the very least, your assets covered will protect them from being lost. So take your time to round your estimated value and current coverage to figure out if you should talk to your insurance agent.
Umbrella insurance is much cheaper than other insurance policies, so you are getting an expansion policy for a reasonable price while having more peace of mind for your valuables. For more information, get a free quota at GIFS Insurance.
Let Griffith Insurance & Financial Services, Inc. help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business or both, is our goal.