In life, you’ve got to expect the unexpected—and that’s the whole reason insurance exists! From storm damage to a multi-car accident to a guest slipping and falling on your patio, insurance can come to your rescue.

But what if you don’t have enough?

That’s where an umbrella policy comes into play.

We live in a litigious society—that’s not news! So if you’re involved in an incident and are found liable… but your homeowners or auto insurance policy doesn’t provide you with enough coverage to pay all the damages, where will the rest of the judgment come from? Your assets, of course—unless you have an umbrella policy.

We don’t mean to scare you, but it’s an absolute fact: it only takes one incident and a resulting lawsuit to put all your assets at risk.

And it only takes one umbrella policy to mitigate that risk!

What You Need to Know About Umbrella Insurance

A typical umbrella policy offers $1-5 million of liability coverage. As you strive to decide how big of an umbrella you need, make sure you take your entire net worth into account.

Umbrella policies aren’t standalone policies. Your carrier may require you to meet certain qualifications before purchasing one, such as having an auto policy with a certain level of liability coverage.

Along those lines: if you have insurance for other types of vehicles or crafts, such as a motorcycle, watercraft, or golf cart, your umbrella policy may provide you with liability coverage on top of those policies.

One umbrella policy will typically cover all of your family members who reside in your household.

The time to ensure you have sufficient protection is before an incident occurs. If you aren’t sure whether your assets are protected, just give us a call. We’re here to help!

For more than 25 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of businesses that require specialized insurance packages and knowledge. With offices in California and Indiana, Beall Financial and Insurance Services serves clients nationwide.