Don’t be Caught in the Rain without an Umbrella
This is an oldie but goodie. At a restaurant, one of the parties told the waitress, “I have a tip for you: Don’t go out in the rain without an umbrella.”
We have a tip for you too. If you have assets that need protected, then you should have an umbrella policy. Umbrellas are very affordable policies that provide an extra level of protection that provides additional coverage or “excess liability” above the limits of your basic policies. They typically cost $10-20 per month and can provide $1 million to $5 million in excess liability coverage.
What does that mean?
If you are sued and found liable and have to pay damages, or you have to pay legal fees (even if you are found not liable later), your umbrella policy can kick in once your basic liability limits have been exhausted. These higher limits can provide an extra level of protection from bodily injury liability claims and property damage liability claims.
Why is it important?
It is important because we live in a litigious society and you have assets that need to be protected. Many people don’t realize that if you don’t have enough insurance coverage even your retirement accounts and future income are considered assets that can be exposed to a claim.
Don’t let an unforeseen accident cause you financial ruin and find out if a personal umbrella policy is right for you.
To determine if you need a personal umbrella policy, ask yourself:
• What is the amount of assets I need protected (including future income)?
• What are the limits on my base policies?
• What risks do I face requiring additional coverage?
At Allied Insurance Managers, we offer access to many different personal umbrella policies. Reach out to our personal insurance team to get a quote today.