What Is Umbrella Insurance And Who Needs It?

What Is Umbrella Insurance And Who Needs It?

September 26, 2016
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Have you ever heard someone talk about their umbrella insurance? Most likely you nodded and smiled, and somewhere in the back of your mind you were thinking... "they must have a really nice umbrella!" Don't feel bad! Most people are unaware of what an umbrella insurance policy covers and even more unaware of the incredible value they actually provide.

Umbrella insurance refers to liability insurance that is in excess of other specified policies, hence the term "umbrella". Hopefully you know that your auto insurance does indeed provide liability protection, but that there is always a cap on that coverage. Perhaps your auto insurance policy provides $500,000 in liability protection. What would happen if you were at fault in an accident and caused $1,000,000 in damages / injuries? Who would pay the excess damages above and beyond your auto liability limit? That answer is simple. YOU! If an accident is your fault, then you will pay the damages. It is always a good idea to transfer that risk to your auto insurance and request high liability limits, but you can't stop there because in the example I just illustrated this can still leave you exposed.

If I have ruined your day with my doom and gloom scenario, I do apologize, but now for the good news. What if I told you that for less than $1 per day, I could offer you a $2,000,000 umbrella policy to cover your 2 cars and home? This is no joke....the cost of an umbrella policy is very reasonable! Protect your current assets and your future earnings by protecting yourself with an umbrella policy. Whether you are a client of Galt Insurance Group or not, call an agent today and have this very important conversation.

Our agents at Galt Insurance Group are trained to always ask our clients and educate them on the importance of proper liability insurance limits. Don't get caught up in the price matching game that so many other insurance agents like to play. Be educated, and buy the insurance that will insulate you and your family against an unforeseen financial loss because you did not have the right insurance policy in place.