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Executive Order for Policyholder Payments
Car accidents can happen unexpectedly, and the financial consequences can be devastating. While car insurance is essential, it may not be enough to protect your assets in case of a significant accident. This is where umbrella insurance comes in. Let's continue reading to learn how to increase car insurance protection with umbrella insurance.
An umbrella policy is a type of liability insurance that provides additional coverage beyond the limits of your homeowners and auto insurance policies. It acts as a safety net, protecting your assets in case of a catastrophic event. Think of your existing insurance policies as umbrellas that offer a certain level of protection. An umbrella policy is like a larger umbrella that opens up when your primary coverage is exhausted.
Umbrella policies typically start at $1 million in coverage and can go up to several million dollars. The amount of coverage you need depends on your assets and risk tolerance. It's important to note that umbrella policies don't cover everything. They generally cover claims related to bodily injury, property damage, and personal liability. They do not cover losses to your own property or vehicles.
While an umbrella policy can benefit almost anyone, it's particularly important for the following drivers:
High-net-worth individuals: People with significant assets, such as homes, investments, or businesses, are more likely to be targeted for lawsuits.
Frequent drivers: Individuals who spend a considerable amount of time on the road are at a higher risk of accidents.
Young drivers: Inexperienced drivers are more prone to accidents, making umbrella insurance a prudent choice.
Business owners: If you own a business, an umbrella policy can provide additional protection for potential liabilities.
The cost of an umbrella policy varies depending on several factors, including your location, driving history, and the amount of coverage you choose. Generally, umbrella insurance is relatively affordable compared to other types of insurance.
An umbrella policy is an essential component of a comprehensive insurance plan. It provides relief and financial security in case of the unexpected. At Club Agency, we understand the importance of protecting your assets. Our experienced agents can help you determine the right level of umbrella coverage to meet your needs. Contact us today for a free consultation, and let us help you build a strong insurance foundation. Call us at (866) 784-9785 for further assistance.
