You’ve worked hard to earn your money and the last thing you want is for that cash to be ripped away from you because of a lawsuit or accident. As you accumulate more wealth, the larger a target you become to be sued, because people know that you have the assets available to lose. The best way to protect yourself and your money is to purchase an umbrella insurance policy. Included in every insurance policy from homeowners to auto is liability coverage which protects you from having to pay for damages incurred, medical bills, or any other fees associated with a third party or their property being injured in an accident that you cause.
Similar to any other insurance policy that you carry, liability coverage includes a maximum amount that your insurance company will pay – anything beyond that is your responsibility. Let’s say that you were the at-fault driver in a three-vehicle pile-up that caused $750,000 in damage. Your existing auto liability policy caps at $500,000, which means that you need to come up with the extra $250,000. Luckily, this is where umbrella insurance comes into action by continuing to offer liability coverage above and beyond your existing policies to ensure more broad and far-reaching coverage. In addition, umbrella insurance protects not just you, but all other members of your household – spouse, children, and animals.
If you have a significant net worth and don’t have an umbrella insurance policy, act fast by contacting the Homeowners Insurance Group in Scottsdale, AZ. We’ll schedule a one-to-one no-obligation consultation with one of our knowledgeable insurance professionals to walk you through the benefits of umbrella insurance and set you up with the right policy for you and your family’s needs.