Why Do I Need an Umbrella Policy?
It’s a comment many insurance agents receive. “Tell me, why do I need an umbrella policy?“ Many individuals don’t recognize the need for this form of additional coverage and that can be a very significant concern. Umbrella insurance works just as its name sounds – it provides an umbrella, a far-reaching level of coverage, for many liability risks that individuals have. It expands most general liability insurance plans further, giving you more peace of mind.
When Do You Need a Personal Umbrella Policy?
A personal umbrella insurance policy gives you more coverage and better peace of mind. But, take a look at when it provides you the additional support you need.
- Even with the best auto insurance companies providing you with a liability plan, it will have a limit. That is, most liability insurance plans for homes or autos will have a cap on how much coverage it pays out. Unfortunately, the trend is for auto claims from others to be significantly higher than this limit. You could lose your home without enough coverage.
- It’s inexpensive. Here’s something many people don’t recognize. The investment in this higher end, comprehensive level of coverage is actually quite affordable. It may not make sense to go without it even if you have never filed a claim before.
- You may need it as your risks increase over your lifetime. Once you have more drivers in the home, for example, you may need to have an enhanced policy to reduce your costs.
It’s also important to know that not everyone needs it. When you work with Peter Green insurance agents you can count on that agent to provide you with the coverage you need – not more than you do. Do you need umbrella insurance, and if so, how much is right for you? Adding a policy for $1, $2, or even $5 million may help reduce some of the risks you face at home and give your family the financial support it needs when a claim occurs. Contact us today at 714-258-2800 or 888-725-7776 for a free quote and no obligation consultation.