Do You Need Umbrella Insurance?
Some of us are just one lawsuit away from having our entire savings wiped out. To protect yourself and your assets, you are going to need an umbrella policy.
An umbrella policy is an extra layer of insurance that can pay for medical, court, or other expenses you are found liable for in the event that your underlying home and/or car insurance policies are exhausted. Coverage levels start at $1 million and can run up to $10 million and beyond.
In many cases, policyholders can add umbrella coverage onto their current policy using the same insurance provider. Before signing up, policyholders need to speak to their agent to be sure that they qualify for coverage.
Families with assets, including homes, retirement savings, brokerage accounts, and cars, will need to protect them with an umbrella policy
because most policies only cover a portion of these assets.
If you have any questions about umbrella coverage, be sure to talk to your agent!