What is umbrella insurance and why do you need it?

Maybe you’ve heard the term umbrella insurance but you don’t quite understand what it means.

Basically, umbrella insurance is what it sounds like: It’s a policy that – like an umbrella – protects you from multiple things that could hurt your family and your bottom line.

Umbrella insurance is, in a nutshell, personal liability insurance that is there for you if a claim on your regular insurance (auto, homeowner’s or other specialty policies) is exceeded. It essentially picks up where your other insurance leaves off, meaning you are always covered.

It also covers everyone who lives in your household.

Umbrella insurance covers things like a neighbor suing you for medical costs and pain and suffering after injuries sustained in a fall on your property or you get into a bad car accident that’s your fault and you get sued by multiple motorists.

If you get sued for these things (or other issues) umbrella policies are there to help. In a litigious society, it’s always a good idea to have umbrella policies because most of us can’t afford to pay these types of damages out of pocket. It would be financially devastating.

So, is it costly? Hard to get? Nope. It’s easy to get AND usually quite affordable.

With all this said, you might be wondering if you need it. After all, you are a nice person who follows the law.

Even if you don’t think you are at risk of being sued, umbrella policies are never a bad idea. They really make sense for everyone, as we don’t usually have control over others.

You are paying a small piece of money in exchange for peace of mind.

Crumrine Financial Services

At Crumrine Financial Services, we understand how hard you work and how much you want to protect your family and your assets. We can help. If you have questions about umbrella policies, we have answers. Request a quote today!