Umbrella insurance is an additional coverage on liability that is beyond your home and auto liability. The insurance policy will provide you with an extra layer of liability coverage above your home, auto, and other personal property such as boats and motorcycles. Business owners may need separate commercial umbrella coverage. Your financial future or security could be at risk in the event of a liability lawsuit resulting from an accident if you don’t have sufficient insurance coverage.
What are the benefits of umbrella insurance?
It is advisable to have an insurance policy to protect your hard-earned assets whenever accidents happen. The cost of damage in accidents involving major property damage and extensive injuries to other parties could quickly accumulate and exceed the limits of your current auto insurance. That is why you need to consider a Coosa Valley Financial Group umbrella insurance. The personal umbrella insurance policy will step in and protect you beyond the limits of your auto insurance. In addition, the umbrella policy will protect you against costly personal injury lawsuits that could destroy your financial security in the event that someone slips and falls on your property. In other words, the policy will give you financial protection by protecting your assets.
How much umbrella coverage do you need?
The umbrella policy is designed to protect you over and above the limits of your home and auto insurance policies. Think about the policy as an added protection. For example, if you get involved in a car accident in Rome CA and get sued, your auto insurance policy will only cover you to a certain amount. Hence, the umbrella insurance policy will kick in to cover you for additional amount up to the limit that you signed for on your umbrella policy.
The simplest method to know how much umbrella policy coverage you need is by adding up the total worth of all your assets, including stocks, vehicles, homes, retirement plans, and estimated future salary, and comparing the sum with the liability coverage limit of your home, boat, and auto insurance. If the value of your assets exceeds the liability limits of your other insurance policies, then you need to purchase an umbrella policy. Get a good umbrella quote today from Coosa Valley Financial Group in Rome, GA or contact us to learn more about how you can safeguard your financial security.