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Think of umbrella insurance as a rainy day fund – hopefully, you never need it, but when you do, you’ll be glad you have it. With litigation becoming more common in the United States for even the most innocuous situations, it is imperative to have enough liability coverage to protect yourself, your family, and your assets from being depleted in a lawsuit. Luckily, that’s where umbrella insurance comes into play by providing another layer of liability coverage when your existing auto, homeowners, boat, and commercial insurance policies have been met.
To determine whether you need umbrella insurance, ask yourself the following questions:
- Do you have a high net worth?
- Are you recognizable in the community as being wealthy?
- Are you vulnerable to lawsuits because you own an ATV, swimming pool, or have a dog breed that is labeled aggressive?
If your answer to any of these questions is yes, you should consider purchasing an umbrella insurance policy. One benefit of umbrella insurance is that it covers the policyholder and other family members or people in the household. This means that if you have a new driver in the household, you’ll have extra peace of mind knowing that your umbrella insurance covers them wherever they are driving a vehicle. Additionally, umbrella insurance coverage does not have to involve your property, boat, or vehicle and is extended worldwide except for any vehicles and homes you own globally that are under another country’s laws.
At Collum Insurance Group LLC in Richardson, TX, we’ll help answer any questions you have on umbrella insurance policies and help you customize a policy that works for your family’s needs. Give us a call today to schedule a no-obligation consultation with a friendly and knowledgeable member of our team.