We live in a litigious society. As a Boise, ID homeowner, having added insurance protection and knowing your personal assets aren’t at risk can bring peace of mind. Just as an umbrella protects you from inclement weather on a rainy day, added umbrella insurance coverage can help you shield your personal assets in the case of a large liability claim. Having umbrella liability protection in place if you are found liable for legal damages that exceed your homeowner or auto insurance can help you avoid financial ruin
Umbrella coverage kicks in when you have reached the limits of your present homeowner or auto policy coverage. If your homeowner policy has $500,000 limit, by purchasing an additional umbrella policy you can cover claims that run higher than $500,000. This protection covers a variety of claims as well as legal defense costs, slander, libel, and defamation of character.
Why Should I Buy an Umbrella Insurance Policy?
The more you own, the more you have to lose, in the event of a large claim. If you have accumulated any type of personal wealth, including, but not limited to, a home, property, or an investment portfolio, you can potentially benefit from an umbrella policy. Check with Fuhriman Insurance Agency to find out if you have assets which need extra protection, or if you may be a target of a large lawsuit.
An umbrella policy may also protect you if you are the type of person whose personal circumstances can make them a target for a lawsuit, such as someone who:
- Has a swimming pool
- Owns a large-breed dog
- Participates in hobbies or sports that could lead to unintentional harm to others, such as auto racing or hunting
The Pros of Umbrella Insurance
Umbrella insurance provides coverage not covered in your homeowner or auto insurance policy. If you have a low tolerance for risk an umbrella policy is an attractive protection method for securing your assets. There are many advantages to having an umbrella insurance policy, including:
- Your retirement nest egg is protected. A large liability lawsuit could potentially drain your savings and delay your retirement. With umbrella coverage that is less likely to happen.
- Your family and pets are covered. It is difficult to control the behavior and actions of other members of your family, including pets. In the event that you, other family members or pets cause harm or injury, an umbrella policy will cover those claims.
- It’s relatively inexpensive. An umbrella policy doesn’t take effect until your primary homeowner and auto policy limits are reached, so coverage rates are generally inexpensive.
- Peace of mind. You’ll rest easier knowing that large, unexpected liability claims won’t cost you your savings.
For more information about how to protect your home, family, and assets, call the Boise, ID insurance experts at Fuhriman Insurance Agency today.