Umbrella Insurance 101
When you choose an insurance policy, no matter if it is your home insurance or your auto insurance, you may assume that you have enough coverage for any peril that you encounter. However, all insurance policies have strict policy limits of how much coverage that they will provide. Investing in a personal umbrella insurance policy can help to make sure that you have the coverage that you deserve.
Umbrella insurance policies provide extra liability coverage that will go beyond the liability coverage that comes with your existing policies. Once your liability limits have been reached, the liability coverage that is provided by your umbrella insurance policy will kick in to make sure that you do not have to cover the costs out of your own pocket.
Typical umbrella insurance policies start at $1 million in coverage and then increase in million dollar increments. With an increasing number of lawsuits filed each day, your liability limits can easily be reached during a single accident. If you do not have the additional protection that is provided by a personal umbrella insurance policy, you will be left paying for the cost of the lawsuit on your own. If you do not have the financial means to do so, your wages can be garnished or your assets can be seized to meet the costs.
When deciding on how much umbrella insurance you need, you should consider your assets. The more you have to lose, the more coverage you should invest in to keep you protected in case of any issue.
For all your personal umbrella insurance needs, and to make sure that you stay safe, contact the insurance professionals at Aimpro Insurance in Phoenix, Arizona. As an independent insurance agency, we will work with you to make sure that you have the protection that you deserve, all at the right price to fit your budget.