When to Consider Umbrella Insurance

The most misunderstood coverage may be umbrella insurance. Often, people believe this protection is only for the very rich. Not true. Affordable umbrella coverage is also for the rest of us.

What Umbrella Insurance Protects

Umbrella coverage gives you additional liability protection above the limits on your home and auto insurance. This added layer of protection protects your assets in the event of a major loss that exceeds your other liability limits.

For example, you have $300,000 liability coverage on your auto policy. However, a driver in your family has a serious accident, including a fatality. This type of loss easily could be more than your liability limit. Without umbrella coverage, you are responsible for making up the difference. If the loss is $500,000, you’d better have an extra $200,000 ($500K minus $300K) lying around when you don’t have umbrella insurance.

Affordability

Fortunately, this “piece of mind” protection is very affordable. Since umbrella insurance only activates when a liability loss exceeds your other policy limits, you can often get up to $1 million of coverage for budget-friendly premiums. However, when you need it, this protection becomes a financial life-saver.

A Consumer Reports study in 2013 indicates only 10 percent of homeowners carry this coverage. Don’t be among this group, risking everything you’ve worked for during your life.

To get more information or affordable quotes, contact Allan Block Insurance in Tarrytown, NY. We have been advising and protecting individuals and businesses since 1959, making Allan Block Insurance the “go to” trusted area source for insurance wisdom and affordable coverage.