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Umbrella Insurance: What You Don't Know Can Hurt You

Umbrella insurance is an often-neglected type of insurance that anyone with significant assets should consider purchasing. It’s high coverage limits and broad coverages sometimes are mistaken as only protections that the rich and wealthy need.

Everyone who has retirement savings, a second home, or other assets can benefit from the protections that umbrella insurance provides.

Umbrella Insurance Provides Supplemental Protection

Umbrella insurance is a supplemental insurance that extends protections beyond what underlying policies afford. An underlying policy is simply any policy that an umbrella policy supplements. Examples of underlying policies include, but aren’t limited to, auto, homeowners, boat, and motorcycle insurance. The right umbrella insurance policy can boost any of these underlying policies’ coverages.

People purchase umbrella insurance to protect against a risk that underlying policies either don’t cover or only provide partial protection for. The main risk is a large, aggressive lawsuit. If you ever face a lawsuit that either exceeds the limits of an underlying policy or takes advantage of a gap in an underlying policy’s coverage, an umbrella policy’s defense and liability coverages may protect you.

Anyone with Assets Needs Protection

Most people don’t anticipate being sued, but anyone could face a big lawsuit. Aggressive lawyers will take advantage of any number of incidents, such as:

  • car accidents
  • boat, RV, and motorcycle accidents
  • pool, trampoline, or other sports-related accidents
  • fires that you cause

Unfortunately, you can’t wait until you’re sued to purchase an umbrella insurance policy. A policy will only cover you if it’s in place before an incident happens or lawsuit is filed.

If you have any significant assets, talk to us about protecting them with an umbrella insurance policy. It’d be a shame to lose your retirement savings or summer home in an aggressive lawsuit. Our agents can help make sure you don’t by helping you purchase umbrella insurance.

Posted 8:07 AM  View Comments

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