Umbrella Insurance
You work hard for what you have. Personal property, your business, your assets. If you are sued and found liable for a hefty sum in damages, umbrella insurance can prevent your assets from being lost, keeping it in your family as you intended to do.
Supplementing with Umbrella Insurance and what does it mean?
Umbrella insurance is not a standalone policy. It is meant to supplement a standard policy such as home insurance, auto insurance, and even commercial insurance for business owners. You can only claim on your umbrella insurance policy once you have exhausted your standard insurance policy, or the damage costs exceed the amount in the standard policy.
How Much Umbrella Insurance Do I Need?
It is important to keep in mind that umbrella insurance is meant to keep your assets protected so that you do not have to sell them in a lawsuit. Your umbrella insurance should be at least the value of your current asset value.
What is an asset?
Anything that you or your business owns that is of value and can be used to recover payment for damages is considered an asset. The most common assets include the following:
- Home
- Rental Properties
- Vacation homes
- Land property
- Savings Bonds
- Money Market Investments
- Stocks
- Recreational Vehicles
Make the Investment Today
The unfortunate truth is the government can seize these items if you cannot pay the damages from your policy limits and they will sell your assets for payment. Umbrella coverage is one of the best insurance investments to supplement your policy coverages. Contact us today for a risk assessment. Let us do the hard work for you so you can rest easy at night knowing you, your family and investments are covered! Request a quote above, call us at 401-900-INSU, or email at info@schiappainsurance.com.
