Umbrella Insurance: It’s Not Just for the Wealthy

There’s a big misconception that if you’re a high earner with extensive assets, then you obviously will need a robust insurance policy with high liability limits, but if you have a modest income with only your home and vehicle to your name, then the liability insurance included in your auto insurance and homeowners insurance policy is enough.

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That is not the case. You don’t need to be wealthy to find yourself being sued for far more than your net worth. Umbrella policies are designed to provide extra liability protection for the unexpected, regardless of your income and assets, to protect your assets, and future income.

Who Needs Umbrella Insurance?

Umbrella insurance policies are for everyone, particularly those who:

  • Own a vehicle
  • Own rental properties
  • Use social media sites or allow their children to post on social media
  • Perform volunteer services
  • Have pets
  • Entertain house guests
  • Own or rent watercraft, ATVs or other types of recreational vehicles
  • Engage in any kind of activities with other human beings

If any of these apply to you, then you may be at great risk for needing protection if you ever need to file a liability claim, or ever face a lawsuit not covered by your liability insurance.

Why Do You Need Umbrella Insurance?

Life is unpredictable. Your generally friendly dog bites a stranger and causes an injury or emotional trauma.  Your child posts something that is considered libel on a social media platform.  You own a rental home and your tenant’s dog causes an injury and you’re being held legally responsible for injuries. You are walking down the street, accidentally bump into someone causing them to fall causing injuries.  These are just a few scenarios in which the liability coverage included in your homeowners or auto insurance policy may not provide enough coverage.

Not only does an umbrella policy increase the limits of your existing liability policies, but it actually provides coverage for events not covered by your current liability insurance.

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How Much Coverage Do You Really Need?

You’ve likely heard stories in the news of someone being awarded millions of dollars to compensate for pain and suffering and property damage resulting from a bad auto accident or an incident on someone else’s property. If you find yourself in an unexpected situation with only a $100,000 liability limit, then your financial future may be seriously jeopardized!!

While it’s important to make sure that you don’t have more homeowners or auto insurance coverage than you need, liability insurance isn’t the place to cut corners or seek out the cheapest option. An insurance agent can help you determine how much coverage is right for you.

Getting Extra Protection with Nevada Insurance Enrollment

In most cases, umbrella policies are highly affordable, making them an extremely inexpensive way to protect your financial future. Generally insurance companies require that you carry a certain amount of liability coverage on your homeowners, landlord, renters or auto insurance policies. Talk to an insurance agent at Nevada Insurance Enrollment to find out how much liability coverage you currently have and determine whether increasing your policy limits and adding an umbrella insurance policy is a good option for you.

Related Articles:

Auto Insurance: What Is an Umbrella Insurance Policy?

Minimizing Your Financial Risk With A Personal Liability Insurance Umbrella

Bundling Your Home, Auto and Life Insurance Saves You Money

What Happens If I Don’t Have Enough Liability Coverage?

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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation.  You should consult your policy for exclusions or other language that may alter your policy.

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