Umbrella insurance gives an extra layer of coverage to your already existing insurance policies. It protects you if you are sued over injuries and/or property damage where it exceeds the liability limits on your insurance. An umbrella insurance policy is one of the best things you can invest in if you are worried about losing income or assets.
According to Smartmoney you should determine if you need the insurance by asking these questions:
- Are you a risk? Start out by analyzing the likelihood of getting hit with an injury claim or lawsuit by someone else. Those who are more at risk might have dogs–average cost of dog-bite claims are up about 30% since 2003–pools, where more than 3,200 drownings occur per year, or teenage drivers who are involved in 13% of fatal car accidents.
- Are your assets at risk? Families with assets, including homes, retirement savings, brokerage accounts, and cars, will need to protect them with an umbrella policy, which would otherwise be up for grabs since basic policies only cover a portion of these assets.
If you feel an umbrella insurance policy would be best for you then call us at Ion Insurance today so we can help.