People buy insurance for many reasons. Insurance policies are designed to provide financial protection against a variety of risks that come up in our daily lives. Many people have never heard of an Umbrella Policy; only about 10% of homeowners carry umbrella insurance. But it’s an excellent product that would benefit most people. An umbrella policy provides additional liability coverage beyond the limits of their existing policies. In this blog post, we’ll discuss what an umbrella policy is and how it can provide extra protection.
What Does an Umbrella Policy Cover?
As we stated, umbrella insurance policies are a type of insurance that provides additional liability coverage beyond the limits of your existing policies. Basically, this means it’s added protection for you. For instance, if you are ever sued for an amount exceeding your current policies’ limits, you would use the umbrella policy to cover the additional costs. These policies typically cover a variety of liability risks, including bodily injury, property damage, libel, slander, and even personal injury. So, at Cole Harrison, we want you to rest easy at night and that peace is available when you have insurance to protect your most important assets.
When Should You Consider an Umbrella Policy?
If you’re wondering if an umbrella policy might benefit you, we recommend contacting us today. Our talented staff specializes in these policies, and we are here to help; they will be happy to answer any questions you might have regarding your current policies or any additional umbrella policies that could further benefit you.
Umbrella policies are generally recommended for individuals with significant assets or income that could be at risk in the unfortunate event of a lawsuit. Good candidates for these policies include individuals who own multiple properties, have high-value assets, or work in high-risk professions. Many policy owners find peace of mind in their umbrella policies as they can provide additional protection in the event of a lawsuit. When you work with a qualified insurance agent like the professionals at Cole Harrison, they can help you consider the risks you face and help you determine if an umbrella policy is a good investment for you.
How Much Does an Umbrella Policy Cost?
When it comes to insurance, this is the most commonly asked question. When considering adding a new insurance policy, the cost is one of the people’s primary concerns. Unfortunately, there is no one size fits all answer. The price of an umbrella policy will vary depending on the coverage you need and the type of policy you choose. Generally, umbrella policies are relatively inexpensive. However, keep in mind that this coverage extends beyond the limits of your existing policies, it’s still important to consider the risks you face, and only you can determine if an umbrella policy is right for you.
Furthermore, the cost of these policies is typically much lower than that of other insurance policies, so it can be a cost-effective way to provide additional protection. If you’re ready to learn more about umbrella insurance policies, or you’re looking for a Maine insurance agency, someone to answer your questions about commercial insurance, liability insurance, or simply searching for an independent insurance agent, Cole Harrison can help. Contact us today.