Umbrellas: For More Than Just Rain

It is summer in southeastern North Carolina, which means that afternoons are fraught with pop-up thunderstorms. I find myself carrying an umbrella more often than not, as it protects me against the liability associated with storms - just in case the skies open up when I'm out between appointments. (There's nothing more antithetical to an insurance agent than being unprepared!)

Carrying that umbrella prompted me to think about umbrella insurance. You carry umbrella insurance to protect you, just like you do with an umbrella; but in this case you're looking for protection against major claims or lawsuits that come at you unexpectedly. It is, in short, additional liability coverage to protect assets such as your home, car, motorcycle or boat. These important policies offer a level of protection that is often not considered by those buying insurance. In fact, most insurance agents don't even think to suggest these invaluable tools even though they are both simple and affordable.

Here are three great things to consider when you're thinking about umbrella insurance:

  • Simple: Umbrella policies are often pegged to an auto insurance policy, because driving is the highest risk activity most individuals do on a daily basis. It's a policy we write often, so it's one we can assemble for you quickly.
  • Flexible: Coverage starts at $1 million, and is available in $1 million increments. Consider what you need to protect and that's a great starting point. As time goes on, you can add or remove from the policy as your needs change.
  • Affordable: There's a wide range of policies, of course, but low risk individuals may pay only $155 per year for a $1 million policy. That is a small price to pay for the peace of mind it brings... especially if you have others on your policy, such as teenagers and new drivers.

It doesn't take much of a car accident or any number of other entanglement for resulting law suits to push you over the standard $300,000 policy. Anyone with significant assets should consider an umbrella policy to be sure that their homes, businesses, and other major investments are protected from the unexpected.

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