Umbrella insurance is an unknown policy to most people. What it does and what it is are shrouded in mystery. However, if you ever need to have it, it is the most important insurance to have in your portfolio. It protects your assets and your financial future. At U.P. Insurance Agency, Inc. in Negaunee, MI, we have been in business since 1987.
The Right Amount of Liability Coverage
How much umbrella insurance you need is directly related to how many assets you have to protect. Excess liability is insurance that supplements the liability coverage you already have. You don’t buy an umbrella policy unless you already have a policy with liability coverage. This applies to individuals and also to businesses. In a world where everyone is at risk of being sued, it is important to know all the assets you have worked so hard to collected are protected from legal judgment.
Policies that include liability coverage are home, auto, renters, condo, boater, motorcycle, and commercial insurance. The basic liability you receive with a typical policy may be just that, pretty basic. In the event of an automobile accident with injury or an injury at your home, you could find yourself in litigation. Think about the cost of hospitalization and lost time from work, not to mention property damage, and you start to get the picture. Add to that pain and suffering, and you could find yourself in a tough financial position.
Umbrella insurance starts at one million dollars and goes up by millions from there. Your personal worth dictates how high you need to go. It would be best if you had enough to be able to rest assured you are safe. Leaving yourself vulnerable is not an option.
To learn more about umbrella insurance, contact U.P. Insurance Agency, Inc. in Negaunee, MI, and talk to our expert team.
