Umbrella insurance is one of the most misunderstood types of insurance. Many people have no idea what it is and what it does. In simple terms, it is a policy that extends the liability coverage that you already have on another policy. The visual of an umbrella is actually perfect, umbrellas protect you from rain and storms, and umbrella insurance protects your assets from the storms of life. Having a trusted independent insurance agent allows you to get a discussion started with them about how you could benefit from this important and affordable coverage. At Oak Ridge Insurance Services in Oak Ridge, NC, we are that agent.
You don’t have to be a homeowner to benefit from umbrella insurance. Liability coverage is something you have on other policies, such as auto and renters insurance. Liability coverage protects you from extraordinary events that can be life-changing. If you are involved in an incident or accident that results in legal action, it can put your assets at risk. As an example, the average jury award in a car accident case is $300,000. If your liability coverage is $100,000, you are going to be $200,000 short.
If you have an umbrella insurance policy, it will be from one to ten million dollars in additional liability coverage. The $200,000 will be picked up by your policy and the legal bills that came with that court case. Without it, you will have to tap your savings, or if you don’t have savings, your future wages can be attached. Lots of things other than a car accident can result in a judgment against you. An umbrella insurance policy has great value and benefits to anyone who has an insurance policy with liability.
To discuss this coverage’s benefits, call or visit Oak Ridge Insurance Services in Oak Ridge, NC. You will be happily surprised at how affordable and easy to understand umbrella insurance is.