Why would anyone need an umbrella policy? It’s simple. An umbrella policy protects assets that may be at risk by offering extra liability cushion to both your home owners and auto insurance policies. For example: if you are in an accident and your auto policy liability coverage is not enough to cover the claim, having an umbrella policy will help protect your home, car, and anything else that someone may go after trying to collect. When it comes to considering purchasing any type of insurance, be sure to evaluate what assets you want covered and what the likelihood of you getting sued is. It may be more cost effective to raise your liability limits on your home and auto policies rather than buying an umbrella policy. Also by raising your deductible you may ultimately pay less for your premium than you had originally been paying. Any way you look at it, with the commonality of million dollar settlement verdicts, an umbrella policy may be the best way to go, especially if you own a swimming pool, trampoline or even pets.
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