You are required to have auto insurance to comply with state law; if you have a mortgage, home insurance is required by your lender; and health insurance is now mandated by the Affordable Care Act. Unlike all of these, umbrella insurance isn’t required by anyone, but it’s a good idea to have as it is there to protect your savings and future earnings.
The insurance you have on your auto, home, business, recreational vehicles or other insured property, has limits. Should something terrible occur such as an unfortunate accident, and someone files a lawsuit against you, those limits may not be enough. Depending on the severity of the incident, the medical bills, lawyer fees, pain and suffering, and property damage costs could spiral out of control. Should that be the case, you would be held financially responsible for paying damages beyond your underlying policy limits. An umbrella policy can extend the coverage limits of your other policies, helping to protect your finances and your lifestyle.
What is an Umbrella Policy?
Umbrella insurance is typically a supplemental type of coverage that extends a primary policy or policies, such as auto insurance, home insurance, business insurance and more. You must first purchase the underlying insurance policies before you get an umbrella policy. Some umbrella policies can also function as primary insurance for losses that are not covered by an existing auto or home policy. Purchasing an umbrella policy is similar to buying an added layer of financial protection.
Is an Umbrella Insurance Policy Right for You?
Some features of your property, personal effects or lifestyle could affect whether or not an umbrella policy might be an especially good choice to keep you financially protected. The exposures you would need to insure against would be unique to your personal situation.
- Do you have a dog?
- Do you have a pool?
- Do you have frequent guests or parties?
- Are you a long distance commuter?
- Do you commute during typical rush hour traffic?
- Do you have any other out of the ordinary risks?
If you answered “yes” to any of the above, You should ask Vanyo Insurance Group about umbrella insurance.
Contact Vanyo for an Umbrella Insurance Quote
Whether it’s your home, auto or business, Vanyo Insurance Group can help you financially protect it. A free consultation with one of our agents could help you find the right umbrella insurance and other personal policies to suit your life situation. Contact Vanyo Insurance Group today to begin your no-obligation insurance quote.