How Umbrella Insurance Protects Your Assets

An umbrella policy is one of the most affordable and important types of insurance available.

It is also one of the most overlooked and misunderstood types of insurance on the market.

Protect Your Assets

Once considered a policy for the rich, umbrella insurance is actually more important for many middle-class homeowners or others with assets they simply cannot afford to lose.

Additional Protection

Umbrella insurance provides additional protection against liability claims; whether you own your own business, or have extensive real estate holdings or significant savings of any type, the risk of being sued for an amount above and beyond your primary policy limits has grown in recent years.

Today, a simple auto accident can result in medical bills amounting to hundreds of thousands of dollars.

Follows On from Liability Insurance

An umbrella policy protects your financial health by picking up where normal liability limits end.

For example, if your car insurance had a cap rate of $500,000, then the umbrella policy would begin at $501,000 and extend to $1 million or whatever other denomination was indicated.

Extensive Coverage

Because it is based upon your personal risk, it covers excess liability for all your regular needs, including auto, homeowners, investment properties and even inherited risk from minor children or pets.

What You Will Pay

Most umbrella policies are affordable; the average monthly rate for a $1 million umbrella policy is likely to run you less than the price of taking the family out for a fast-food meal.

Where to Start

Speak to your agent today to learn how to protect your financial future with an affordable umbrella policy.

3 Essential Tips to Get the Best Deal on Insurance

When buying insurance, many people make the mistake of thinking “less is more,” but scrimping on insurance rarely saves money in the long run. Sadly, when the time comes to submit a claim, people often realize what an expensive mistake they made. Get the best deal on insurance without paying the ultimate price or sacrificing your financial future with these quick tips:

Schedule a time to speak with your agent in person. Whenever you change policies or have major life events, it is important to sit down with your agent to review your insurance needs. Make a list of belongings as well as changes to your personal status in advance. Many people are surprised to find they are eligible for discounts simply because a vehicle has reached a certain age or their driving habits have changed. Your agent will be able to provide greater insight into your specific needs while identifying discounts you may not have thought about.

Coordinate benefits and stick to one provider. While it might be tempting to change policies every year in search of the elusive discounts, in the long run it rarely pays to keep jumping from company to company. Not only does it increase the likelihood of duplicating insurance coverage, but many companies provide long-term customers with additional discounts.

Buy all your insurance from one provider. Having your automobile, homeowners and umbrella policies with one provider is a fast way to save 5 to 10% or even more.