Especially when it comes to unexpected accidents or claims.
Quite simply, umbrella insurance provides liability coverage over and above your personal insurance, property and auto coverages in increments of $1 million.
Umbrella coverage is tailored to fit your individual needs for injury or property damage to others such as:
Yes, your existing insurance may protect you to an extent, but an umbrella policy goes much further for less cost than upping the limits on your existing policy because it covers for different types of risks.
Umbrella insurance is also portable, in most cases, so it can follow you when and wherever you travel.
Since the terms of umbrella insurance policies will vary, a representative from The Mark Boles Insurance Agency is the best person with whom to discuss the benefits, restrictions, and coverage from each carrier they represent.
Actually, anyone with a job, who expects to keep the income they earn, could benefit from having an umbrella insurance policy.
What would happen, for example, if someone made a delivery to your house, slipped on a sidewalk recently wet by your sprinkler system, and suffered severe head injuries from the fall. They will sue you, of course.
Your homeowners insurance kicks in and pays up to its maximum limits. But the jury finds that you are responsible for an extra $500,000 over your homeowner’s limits.
Ask yourself: How long would it take you to pay that off with your weekly paycheck?
Umbrella insurance covers the amount that exceeds your homeowners coverage, usually up to $5 million, sparing you from a financial nightmare, along with paying the attorney to help you survive it.
Some people just feel the moral obligation to be able to pay all the expenses in the event that they cause a tragic loss.
Relative to the amount of protection you get, umbrella insurance is highly affordable. Especially since it’s unlikely you will ever have to make a claim against it. So, your specific cost will be determined by:
You may save even more money by purchasing umbrella insurance from the same carrier who provides your home and/or auto insurance-check with us to make sure.
Tell me again why I need Umbrella Insurance?
A long time ago, you set some goals, made a plan, worked hard, and got “there.” As you did, you accumulated possessions. Not to be ostentatious, but enough to make you and your loved ones comfortable.
You are rightly proud of these accomplishments. In fact, you have protected them with the best insurance you could.
Now, you need extra protection, an umbrella insurance policy. A policy that will cover you above and beyond what any single policy might cover.
For example: What are your limits on your auto and home liability policies: $300,000 to $500,000?
Okay, you say, the insurance will cover it. But what if the amount is over the policy limits? (That happens, especially if you have nice things.)
Your standard home or auto policy is likely not going to be enough to cover what the plaintiff is asking for.
How will you pay the judgment? How will you even defend yourself in such a lawsuit? Can you actually lose all you have strived for?
You bet you can. Not only can you lose what you worked for, you can lose part of your wages for the rest of your working life. (Most people don’t know this.)
While most insurance products are similar in price and function, insurance agencies vary when it comes to structuring a policy tailored to you.
After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
Contact us today, and we'll help you protect what matters most.