Do you live in or near the Centennial, CO area? In the event of a lawsuit, do you think you have enough liability insurance coverage or savings to settle the claim? Let the insurance professionals at Atrium Insurance Group explain why umbrella insurance is a good investment.
Why Umbrella Insurance?
Basically, umbrella insurance is an added layer of protection beyond the limits of your existing policy coverage and limits. It provides coverage for property damage, injuries, lawsuits, and personal liability scenarios.
For example, if you cause a car accident in which the passengers of the other vehicle were severely hurt, would your current car insurance liability coverage be enough to compensate? If the accident results in a lawsuit, the financial implications are great. If your liability coverage on the car insurance policy is $100,000 and you are being sued for $1 million, then what?
Umbrella insurance would pay an additional $900,000. There would be no need to touch your savings, sell your house, or cash in your retirement. The extra protection you wisely purchased would take the hit – not you.
Individuals who are fortunate enough to have a significant amount of money or assets especially need umbrella coverage. You haven’t worked hard, so the fruits of your labor could be given away to another individual.
It is recommended that you purchase enough umbrella insurance to cover the amount of your assets. For example, if you have assets totaling $5 million, you purchase $5 million worth of umbrella coverage. This protects your possessions, your checking and savings accounts, college savings, retirement and investment accounts, and the equity you have built in your home.
Give Us A Call
Let the insurance professionals at Atrium Insurance Group in Centennial, CO provide you with a quote or answer any questions you may have. Contact us today – we are here to help.