Umbrella InsuranceAn Extra Layer of Financial Protection
The biggest misconception about insurance is that it doesn’t run out. That if you were to cause significant damage to someone or something in a car accident or another liability claim, insurance will cover it. This is nothing further from the truth. Insurance has limits on the amount of money that can be paid out on a claim so the question is, what happens if you run out of insurance? Enter, the umbrella policy.
A umbrella policy simply sits over all your other insurance coverages and “kicks in” once insurance limits have been exhausted. A 400,000 dollar claim with a 300,000 dollar insurance policy leaves you responsible for the remaining 100,000 dollars. Only an Umbrella Insurance Policy can step in and pick up where a regular insurance policy ends.
CoVerica is a huge believer in Umbrella Policies and advocates their use to all of our clients while shopping for insurance. These unique policies can be purchased for an additional 500,000, 1,000,000, 3,000,000, 5,000,000 or even 10,000,000 dollars in additional coverage with premiums usually starting for just a few hundred dollars a year. Let’s talk about your individual needs and see if an Umbrella Insurance Policy makes sense for your protection.