If you own a home or car, you’re probably aware of the many reasons why you need to purchase homeowners and automobile insurance policies. If you have children or other dependents, you probably understand why it’s wise to carry life insurance. One type of insurance coverage you may not fully understand is Personal Umbrella Insurance. If you’re not quite sure what this type of insurance covers or whether you need it, you’re not alone!
What Exactly is Personal Umbrella Insurance?
According to Investopedia, an Umbrella Insurance Policy provides coverage beyond the limits of your other personal insurance policies. Insurance policies provide peace of mind. A personal umbrella insurance policy provides an extra measure of security that you will be financially protected if a very worst-case scenario occurs. Umbrella insurance is the ultimate step in protecting your personal assets. If you have a claim that exceeds the limits of another policy. If you are a high-net-worth individual or have a job that subjects you to libel, slander, or invasion of privacy lawsuits, investing in umbrella insurance is wise.
Is Umbrella Insurance Right for You?
One way to determine if you should purchase umbrella insurance is to undergo a personal risk evaluation. Some people’s jobs or lifestyles put them at greater risk than others and necessitate extra insurance. Even if you are not in a high-risk category, a personal umbrella insurance policy may be a wise investment. Often, umbrella insurance is surprisingly affordable – especially if you buy it from the same company that insures your home and/or car.
About Newman Crane & Associates Insurance
Deciding what coverages you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. We encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.