Think of umbrella insurance like your rainy day savings fund – hopefully, you’ll never need it, but when disaster strikes, you’ll be thrilled that you have it. What is umbrella insurance? It’s quite simple – it’s insurance coverage that kicks in when the maximum coverage of your personal auto, business, homeowners, or boat insurance has already been exhausted. In short, it protects your wallet or pocketbook from expenses that may be too significant to overcome.
How Does Umbrella Insurance Work?
Keep in mind that the umbrella insurance will cover not just yourself, but also any other members of your family or those living at your home. This means that if you have an elderly parent living in your home and they get into an accident, then you can feel confident that your umbrella insurance will pay for the third parties’ medical bills. Additionally, the accident does not have to involve your property, belongings, or vehicle for umbrella insurance to kick in.
Is Umbrella Insurance Needed?
Generally speaking, umbrella insurance is a must-have option for anyone that has assets totaling higher than the limits of their homeowners and auto insurance policies. For this exercise, be sure to take into account all of your financial accounts to include retirement, investment, college savings, and others plus the estimated value of any properties that you own.
If umbrella insurance sounds like something you may need or you want to discuss your options, the team at The Sirover Agency, LLC in Wayne, PA is ready to answer all of your questions. Residents of Wayne, PA have been trusting The Sirover Agency, LLC for years, and we want to continue earning your business for decades to come. Give us a call today and schedule your no-obligation consultation.