Why should you buy an umbrella policy?

Hi, our agency is starting a discussion around personal lines insurance, today we are focusing on umbrella insurance. You should buy an umbrella policy for the follow reasons:

  1. Increased Liability Coverage: Umbrella policies provides additional liability coverage beyond the limits of your existing home, auto, or other insurance policies. This extra coverage is crucial in case you are sued for damages that exceed the limits of your primary policies. This also applies if you are an investor who owns properties.
  2. Protection Against Lawsuits: If you’re found liable for causing an accident or injury, you may be legally responsible for medical expenses, legal fees, and damages. An umbrella policy helps protect your personal assets and future earnings from being at risk in the event of a lawsuit.
  3. Broader Coverage: Umbrella policies can cover a wide range of scenarios, including bodily injury, property damage, libel, slander, and even certain lawsuits that your primary insurance may not cover.
  4. Cost-Effective: Considering the potential financial devastation that can result from a large liability claim, an umbrella policy is often cost-effective compared to the amount of coverage it provides. There is no better coverage for the cost than an umbrella policy.
  5. Peace of Mind: Knowing that you have additional protection beyond the basic coverage offered by your other insurance policies can provide peace of mind. This can be particularly important if you have significant assets to protect and want to protect your hard work that accumulated these assets.
  6. Covers Legal Fees: In addition to the coverage limits, umbrella insurance often covers legal defense costs, which can be substantial in the event of a lawsuit.
  7. Global Coverage: Umbrella policies can provide coverage worldwide, which is beneficial if you travel frequently or own property in different locations.

It’s important to note that umbrella policies typically require you to have certain minimum liability limits on your primary insurance policies (such as auto or homeowners insurance). At The Oak Insurance Group we believe umbrella policies are a vital part of your insurance portfolio. Every carrier we work with offers umbrella policies so reach out to us and we have a free consultation to discuss further.

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