UPDATED: Feb 25, 2020
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Term life insurance… Check. Auto insurance… Check. Health insurance… Check.
Umbrella insurance… Not exactly.
With so many types of insurance products to concern ourselves with, it’s easy to overlook something as seemingly insignificant as umbrella insurance. But that may be an expensive oversight.
What is Umbrella Insurance?
Umbrella insurance provides protection beyond limits of other types of insurance.
For example, if your 16-year old son forgets to put the parking brake on the family car and it ends up in the neighbor’s living room, your auto or home insurance policies may not cover the entire amount of damages, especially if a lawsuit is involved. Enter umbrella insurance. This policy extends your limits of coverage on your other policies and protects you from paying hefty damages or judgments out of your pocket.
Umbrella insurance can provide coverage for:
- Property damages
- Bodily injuries
- Legal fees
Umbrella insurance is relatively inexpensive and can be tailored to meet your specific needs. It’s a good way to protect your assets and income from extremely large claims and lawsuits that your standard insurance policies will not cover.