In the world of insurance, there are plenty of policies that cover just about anything. However, it’s possible that policyholders may find themselves stuck paying out of pocket for an incident that may not be completely covered if they’re liable for a claim that exceeds the amount covered under their policy - that’s where an umbrella insurance policy comes in.
What is Umbrella Insurance?
If you’re building a protective wall around your assets with your insurance coverage, home, auto, flood, and other well-known types of insurance policies are the bricks. Umbrella insurance is the mortar that fills in the gaps to strengthen your protection and ensure it holds up against whatever may come your way. When a claim goes above the monetary amount covered under your normal policy, umbrella insurance is meant to cover the additional cost to prevent policyholders from paying out of pocket – potentially saving thousands of dollars.
Who Needs Umbrella Insurance?
While it may not come to mind when thinking about must-have coverage, umbrella insurance can be a lifesaver for those with a wide variety of assets and policies. As you accrue more wealth, have larger investments, and own more properties or assets, umbrella insurance provides necessary coverage that can help you navigate any ligitious issue that may come your way. It’s also important to note that umbrella insurance is only available to those with an existing policy – it’s designed to fill in the gaps between your existing coverage.
Why You Should Consider Adding Umbrella Insurance to Your Policy
It may be tempting to skip over additional umbrella insurance coverage, but it’s got a lot more value than even what meets the eye. Having proper umbrella insurance provides an additional level of peace of mind, assuring you that you’re completely covered no matter what life may throw at you. When umbrella insurance is paired with a strong existing policy, the threat that one accident or incident could bring to yours savings is minimized, providing the freedom to do more without worrying.
If you’re interested in learning more about adding umbrella insurance to your existing policy, our team at Lowry Insurance can help.