Because we live in an unpredictable world where unforeseen disasters can happen at any time, you should seriously consider the importance of umbrella insurance in protecting your personal assets. Your home and auto liability coverage offer some measure of protection against accidents you cause that result in injuries or damages to others on the road or on your property. If these injuries or damages exceed the limits of your home or auto policy, however, how will you pay for remaining costs? If your teen causes an accident that seriously injures another driver or a visitor accidentally drowns in your pool, would you have sufficient coverage to handle the fallout? Umbrella insurance picks up where other forms of insurance leave off, protecting you from having to pay these costs out of pocket.
Understanding Umbrella Coverage
Umbrella insurance serves as a secondary protection to your home or car liability coverage. It does not come as a “stand-alone” policy. You can, however, supplement your car, boat or home liability insurance with an umbrella policy. Once your home or auto liability limits have been exhausted, your umbrella policy will pay remaining personal injury or property damage costs. This could save you thousands of dollars out of pocket. Umbrella insurance also covers litigation costs in the event you are sued for damages due to accidents you cause. Lawsuits are commonplace in society today, putting consumers at risk of losing hard-earned personal assets at the drop of a hat.
With umbrella coverage, you can be prepared against any eventuality. This includes accidents at home, on the road, when sailing your boat, traveling in your motorhome, on vacation abroad or even accidental injuries caused by your dog. Umbrella insurance can help protect your savings and retirement funds, home, car, and other personal assets from the risk of lawsuits. When home and auto liability coverage isn’t enough, having umbrella protection will more than pay off.
How Much Umbrella Coverage Do You Need?
When obtaining a personal umbrella policy, consider your lifestyle. If you travel often in your motorhome or car, have frequent visitors to your home or take friends out on your boat regularly to fish or party, you’re at greater risk of accidents. It only takes one serious accident to set you back years financially. An umbrella policy that offers you $1 million worth of liability coverage or more will ensure you have ample protection against the risk of accidents.
The affordable cost of umbrella insurance makes it a practical option for protecting your assets. Depending on your insurer, a $1 million umbrella policy may cost you around $100 annually. The greater your risks and personal assets, the more coverage you should obtain to protect your interests. Understanding the importance of umbrella insurance is key to getting a policy that will help secure your financial future.
About Niceville Insurance
Niceville Insurance Agency has been proudly serving our local communities since 1995. Our specialty has been delivering insurance solutions for individuals, families, and businesses throughout Northwest Florida. Contact us for a no hassle insurance quote today!