When it rains, it pours…and that’s exactly why umbrella insurance policies exist!
There are many types of insurance – from auto insurance and health insurance to business insurance and more! An umbrella policy goes above and beyond these types of insurance, you may already have.
An umbrella policy is “an extra liability insurance coverage” that goes beyond the limits of your home, auto, or other insurance policies.
How does it work? Imagine you get into a car accident that results in damages or injury to another person’s personal property. This person may sue you for damages that go beyond what your auto insurance may cover. That’s when your umbrella coverage would kick in to cover costs if your deductible has been met.
Umbrella policies can cover many other situations. From your beloved pet injuring a stranger to an accident occurring within your home– an umbrella policy can be helpful across the board.
Do I need an umbrella policy? An umbrella insurance policy isn’t necessary for everyone. An umbrella policy is good for those who:
- Own a business
- Have significant savings/assets
- Own a swimming pool/trampoline
- Own property (especially investment properties)
Essentially, this type of policy is great if you have a lot to lose. If you own property or equipment (like a trampoline) that can cause real harm to someone, resulting in a potential lawsuit that could cost you your retirement fund, future earnings, and more, an umbrella policy is good to have.
Plus, an umbrella policy typically doesn’t cost that much more on top of your other insurance policies. It may run you an extra $15 per month, more or less. For whatever the cost may be, it will definitely give you peace of mind.
Learn more about our insurance policy offerings at the Ambassador Group today. We’re here to help you pick the policy that’s best for you!