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Umbrella Insurance

Umbrella Insurance

Building wealth can take a lifetime, but it only takes a single accident to see your earnings, investments and retirement savings disappear. While standard homeowners and auto insurance can act as fail-safes for your financial assets, there are often limits to the amount of liability protection they offer. Purchasing additional liability coverage that is based on your net worth is a great way to protect yourself from financial ruin. To learn how you can expand your liability coverage, reach out to the dedicated insurance agents from National Advisors Group for a personalized consultation.

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What is Umbrella Insurance?

Umbrella insurance is designed to safeguard you from liability claims that involve your vehicles, home or personal property. This type of add-on policy helps pay for expensive legal settlements and attorney’s fees if you are sued for damages that exceed the limits of your auto and homeowners insurance. Unlike other forms of liability protection, umbrella insurance can provide coverage for libel, slander, false arrest, malicious prosecution and even rental properties you own and operate.

 

Here are a few examples of what umbrella policies typically cover:

Bodily Injury Liability:

Protects you from costly medical bills, treatment expenses and lost wages that you may be held legally responsible for following a liability settlement. This includes injuries that result from a serious auto accident, slips and falls in your home, and more.

Personal Property Liability:

Helps you pay for damages or loss to other people’s physical property if you are found at fault, including vehicle repairs or replacements, accidental harm to antiques or expensive possessions and any destruction your pets may cause.

Rental Property Liability:

Shields you from liability claims related to your rental units, which can be extremely valuable for landlords that maintain multiple properties. If a tenant or guest is injured on-premises, you may be forced to pay their medical costs if you’re held legally responsible for the incident.

Who Should Consider Umbrella Insurance?

As your assets grow, so too does your exposure to loss and litigation. The best way to protect the wealth you’ve accumulated is to acquire additional liability coverage that goes above and beyond standard homeowners and auto policies. Umbrella insurance is a valuable safety net for those who own several homes or rental properties, regularly travel outside the U.S., or have accumulated significant savings and investments. If you’re worried about financially damaging lawsuits or want to expand your liability coverage, a comprehensive umbrella policy may be what you’re looking for.

 

Working with an independent insurance agency can help you assemble the best coverage options from a variety of top-rated carriers. If you’re looking to maximize your liability insurance coverage, reach out to National Advisors Group to complete a free Personal Risk Review today!

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