You have probably heard the term “umbrella insurance” thrown around more than once in the insurance world, but do you really know what it means? Umbrella insurance is a form of coverage that will expand your liability coverage past what is provided in your homeowner’s and auto insurance policy.
If you do not have any coverage above what comes with your homeowner’s policy, or car insurance, then you likely have somewhere around $300,000 and $500,000 of lawsuit protection. This may seem like a lot, but lawyer fees and medical expenses can quickly surpass this limit. Accidents that you are found responsible for can quickly drain your savings account. This is where a personal umbrella insurance policy would be very beneficial!
A typical policy will add over $1 million dollars of liability coverage on top of your existing liability coverage. Any individual could benefit from the protection offered by an umbrella policy. However, it is even more important for those classified as middle-class or higher. You should aim to have at least $1 million dollars in liability coverage.
Umbrella coverage may be less expensive than you think! Typically, the premium rate for a policy can be anywhere from $150 to $250. This is a small price to pay for such comprehensive protection. Ensure that the carrier you choose is financially strong.
If you are interested in purchasing an umbrella policy, or would like to learn more about how you could benefit from umbrella coverage, then please contact the professionals at Insurance & Mortgage Services, located in Batavia! Our insurance agents will not stop working until they have covered your every risk and liability! Do not take the chance of being underinsured. Let one of our insurance professionals protect you, today!