You have insurance because protecting your loved ones, your assets, and your future wealth is a top priority. You already know that your liability coverage provides a safeguard against lawsuits and legal fees, but how much security do you really have? In today’s litigious society, there are more liability risks than ever before. If you are ever sued, your insurance will only pay up to the limits in your policy, which may not be enough protection to fully cover your liability. With umbrella insurance, you can trust that you have a back-up defense when you have reached the limits on your standard liability coverage.
Understanding Umbrella Insurance
To fully understand the purpose of umbrella insurance, you must first understand what you have that needs protection. It is not just coverage for the wealthy, but rather a financial shelter for your current and future assets. After all, a judgment against you could total hundreds of thousands – or even millions – of dollars. In such a scenario, your savings, personal possessions, and future income could all be at risk.
Umbrella insurance provides an extra barrier between your personal finances and your liability obligations. It can serve as a back-up to the liability limits on your:
- Home Insurance
- Condo Insurance
- Renters Insurance
- Auto Insurance
- Boat Insurance
- RV Insurance
- ATV Insurance
- And more
In addition, umbrella policies typically provide coverage not available on other policies. It can also follow you when you travel abroad. Whether you are accused of libel and slander or accidentally injure a pedestrian with your rental car on a European vacation, umbrella insurance is protection when you need it most.
Your Umbrella Coverage in Action
Umbrella insurance is extra security at all stages of life:
You are a recent college graduate focusing on your career. You do not yet own a home or a substantial amount of savings, but your electrical engineering degree all but guarantees future lifetime earnings of $3 – 4 million. When you cause a major traffic accident, the victims sue you for a total of $1 million. Unfortunately, your auto insurance policy only covers $300,000 for bodily injury liability. A judge orders garnishment of your future wages to settle the remaining debt.
You are a parent in your mid-40’s with a steady job. Over the years, you have purchased a house, a couple of cars, and a boat. You have also managed to stash away some cash for your children’s college education and your dream vacation. When a negligence lawsuit claims you are responsible for someone’s personal injury, everything you have worked so hard for could be at risk.
You are a retiree with $1 million saved and a small pension. You plan to spend the next 20-30 years traveling and enjoying your golden years. After a lifetime of saving, unfortunate circumstances make you the subject of a wrongful death lawsuit. The plaintiff wins a judgment against you that ruins your retirement plans and forces you to take a part-time job to make up for the shortfall in your income.
Umbrella Insurance Quotes in Springfield, MO
If you live in the Springfield area, umbrella insurance is easy and affordable to acquire. Here at Tagge Insurance, we help customers evaluate their risk vulnerability and find coverage that protects them against liability. For an average of just $150 to $300 per year, you may be able to secure an umbrella policy worth $1 million or more.
Is your current liability insurance enough? We can help you find out. Contact our office today to discuss your insurance needs and request your free umbrella insurance quote. We look forward to serving you soon.
