Protect Your Financial Future With an Umbrella Policy

It’s an exciting time in your life. You started a new job, purchased your first home and have the "grown-up" car you always wanted.  But did you know the home and auto insurance policies you have now may not be enough to protect your financial future?

When Home and Auto Insurance Isn’t Enough

Ensuring your home and auto insurance has the proper liability limits is the first step in protecting yourself. However, in some scenarios, those limits aren’t enough.  And when those liability limits are exhausted, you are financially responsible.

For example, let’s say you are hosting a party for your neighbors in your new home in Mesa, AZ. Everyone is enjoying themselves when all of a sudden one of the kid’s trips and falls down your stairs.  It was a pretty bad fall requiring a call to 911. While the child was okay, they will need extensive surgery on both their arm and leg, which means a lengthy stay in the hospital plus physical therapy after. And since it happened at your home, you are liable for those medical bills. Plus, you want what’s best for your new neighbor.

Unfortunately, the liability limit on your homeowner’s policy is eaten up pretty quickly, and there are still bills to pay. These bills could come out of your pocket, or if a lawsuit happens, your future earnings may be at stake.  However, if you have an umbrella policy, it would kick in after the personal liability limits on your homeowner’s policy is gone. Giving you an added layer of protection. The insurance experts at INW Insurance Group believe in protecting you from all angles. The right umbrella policy can do that for you.

Final Thoughts

If you live in Mesa, AZ and are ready to talk about protecting your financial future. Give the friendly insurance experts at INW Insurance Group a call today.

Umbrella Insurance: Protection For Your Assets

Protecting your family and livelihood is a top priority for most people, which is why it is so important to have quality insurance. But in the event of a devastating tragedy or lawsuit, do you know if you will be covered? While your current insurance policy may cover some damages or legal fees, an umbrella insurance plan goes further. An umbrella policy is an additional level of protection on top of your existing insurance policies, and it is designed to protect you and your assets from harmful liability claims or judgments exceeding the coverage of those other policies.

Umbrella insurance protects you from a wide range of perils in just about every area of your life. It adds even more security than the liability protection found in your personal auto, homeowner, and boat insurance policies. From being legally deemed responsible for physical injury to another person or property to being sued for libel or slander, umbrella insurance is there for you when you need it most. Of course, an umbrella policy is an added layer of coverage, not a replacement for basic home and auto insurance.

For the protection that umbrella insurance policies provide, they are relatively inexpensive. A typical policy ranges from $200-300 annually, usually starting at $1M coverage. Many people often have assets through home equity. However, this can be at risk in the event of a large lawsuit, which is starting to become a trend in the United States as they become more and more common. In Arizona, the only assets that are protected from creditors and judgements without a trust are $125,000 equity if a person has owned their home for less than five years, and $150,000 equity if a person has owned their home for more than five years.

An umbrella policy also protects you regardless of location. If your dog bites somebody in the park, or you accidently injure someone while driving overseas, umbrella insurance has you covered. There have been cases involving Arizona natives driving their own vehicles while vacationing in Rocky Point, Mexico, and the lawsuits were brought back to the United States. In these types of scenarios, not having an umbrella insurance policy could put your finances and assets at risk.

INW Insurance Group, located in Mesa, AZ, offers a wide variety of umbrella insurance coverage options to protect you and your assets. Give us a call at 480-626-0797 to discuss how you can ensure extra protection, financial security, and peace of mind for you and your family today.

Benefits of Umbrella Insurance

Umbrella insurance or excess liability insurance is meant to protect you from almost everything that your standard insurance policy doesn’t. Being a liability policy, it’s intended to compensate third-party liability claims, including injuries and damages for which you are responsible for. This policy doesn’t work alone; it comes in after you’ve exhausted your standard insurance policy. There is a limit to what your auto, home, and other standard insurance policies can do.
Severe accidents and large lawsuits could render you or your business bankrupt. At INW Insurance Group, we offer a wide variety of umbrella insurance coverage options to the residents of Mesa, AZ, and its environs. Some of the benefits of umbrella insurance include:
Extra Protection
It offers additional liability coverage including bodily injury and property damage that your typical insurance can’t reach. It also covers losses such as slander, false arrests, malicious prosecutions, etc.
Extra Coverage
Standard insurance policies often have exclusions. For instance, your auto insurance may not cover you if you cause an accident in another country. Umbrella insurance will help you in such situations.
Financial Security
Every day, there are several lawsuits filed against ordinary people and businesses. Severe accidents and large lawsuits may end in a huge financial settlement that may render you or your business bankrupt. Umbrella insurance makes sure this doesn’t happen.
Peace of Mind
Just like any other insurance, umbrella insurance offers you tranquility knowing you are protected from any lawsuits no matter how large they may be.
Talk to a local and knowledgeable agent at INW Insurance Group to help you understand what works for you or your business. We strive to ensure that the residents of Mesa, AZ and the surrounding areas have enough protection against any liability claims. Contact us today for more information.

Umbrella Insurance: Luxury or Need?

If you’re already protected by home and auto policies, you may consider umbrella insurance a waste of money that could be better spent elsewhere. There are circumstances, however, where umbrella insurance could save you from financial loss. For greater insight into what umbrella insurance has to offer, read on.

Liability Protection

Umbrella insurance augments the liability coverage you receive from your home and auto policies. If you cause an accident that results in personal injuries or property damage to others beyond the financial limits of your home or auto policies, umbrella insurance will cover the extra costs. This relieves you of the obligation to pay for medical expenses or damages on your own.

Under an umbrella policy, you can obtain liability protection of $1 million or more. If your accident leads to a lawsuit, your umbrella coverage will pay for legal expenses to settle your claim so you don’t have to pay out of pocket. Legal fees alone could put tremendous strain on your finances.

Personal Assets Protection

By covering the expenses of major claims and lawsuits, umbrella insurance keeps your assets safe for the future. You don’t have to dip into your savings or sell your Mesa, AZ home to pay for medical bills, property damage or legal expenses of a lawsuit due to an accident you cause.

If your work or lifestyle puts you at greater risk of being held liable for accidents, you would do well to invest in an umbrella policy. In like manner, the more assets you have, the greater your need for umbrella insurance from INW Insurance Group to preserve your financial future.

The benefits of umbrella insurance are many and varied. To learn more about umbrella policies and costs, contact an insurance specialist from INW Insurance Group, Mesa, AZ.

 

How Umbrella Insurance Supercharges Your Vehicle

You might think the only way to supercharge your vehicle is to amp up the engine and “trick out” the rest of vehicle. However, you might be surprised to realize the true way to supercharge your vehicle in Meza, AZ. To truly make your ride an extreme vehicle, you should actually amp up your insurance policy.
Get Umbrella Insurance
You might have a temporary lapse in judgment when driving that results in an accident. Your insurance might cover the cost of your injuries as well as the price of your repair bills. The policy might even allot you money to rent a car. You do have insurance in the event another driver gets hurt, but with the high cost of medical expenses nowadays, your policy limits might not cover all of the bodily harm caused to the other person. Not to mention, if the person wants money to cover the cost of pain and suffering along with the expense of the time he or she has to be off work, you could easily find yourself seeing hundreds of thousands of dollars worth of a lawsuit. Typically, a standard policy doesn’t have these types of limitations.
You can supercharge your car by having an insurance policy that protects your assets. Keep in mind, if you end up having to pay expenses out of your own pocket, it could harm your ability to pay for your current car. You definitely aren’t getting the most of your vehicle, no matter how nice it looks, if you’re not able to cover all of the expenses of it due to a pending lawsuit.
To get a quote for an umbrella insurance policy, contact INW Insurance Group, serving Meza, AZ and the surrounding area, by calling 480-626-0797.