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.