Think of umbrella insurance as extra coverage. If you have certain coverage limits on your auto insurance policy and you’re involved in an at-fault collision, it’s possible that those limits may be exhausted through having to pay the costs for vehicle damages or medical payments for the other party if they’re injured. An umbrella policy kicks in once those initial limits are exhausted and will likely cover the rest of the costs.
No matter where you stand in regards to your career, whether you’re just starting a new one or you’re preparing to retire, having a solid umbrella insurance policy in place has some important benefits. If you don’t have one and you suffer a catastrophic financial hit, such as a lawsuit, you’ll certainly wish you had one in place beforehand. Every decision you make in life comes at a cost.
Imagine this scenario. You’re driving along on the road, going 65 miles and hour in a 40 mph speed limit zone. To add insult to injury, you’re texting while driving, so your eyes aren’t focused on what’s in front of you. You approach an intersection when the traffic light turns red. You’re still not paying attention. You fly through the light, crashing your car into two other cars in the middle of the intersection. This is just one scenario. Accidents can happen at any moment.
That’s a pretty terrible situation to imagine, isn’t it? Unfortunately, this kind of situation happens more often than you’d think. That’s why it’s so important to have that extra coverage in place just in case something unexpected happens.
Umbrella Insurance isn’t just limited to your automobile. It can also help you cover damages related to your home insurance. For example, if you host a part at your house and someone slips and falls, breaking their ankle, although having someone injured in your home is terrible and unfortunate, your umbrella policy can help you cover the costs of their medical care. Your umbrella policy can also help to protect you against being sued.
Every situation is different and it is understood that not everyone is going to have the same needs. However, in terms of protecting yourself and your peace of mind, it’s best to have that extra protect in case you face a catastrophic event. Call our office at 301-948-2010 to speak with one of our experienced insurance professionals to learn how umbrella insurance can benefit you now.