Should I Have an Umbrella Insurance Policy?
Anyone who wishes to protect themselves from major claims or lawsuits, or would like to protect their assets or earnings would benefit from an umbrella insurance policy. Insuring your future is what an umbrella insurance policy can help with by safeguarding your future earnings, your home or cash savings.
When Would I Use My Umbrella Insurance Policy?
A personal umbrella insurance policy covers you when your auto, home or other personal lines insurance policy is exhausted by a covered insurance claim.
Example: You get into a car accident where you are at fault. Your insurance policy covers you for $250,000 in 3rdparty damages. However, the other individuals in the car accident needed medical attention & their car was totaled. The total damages for the other party cost $350,000.
You are responsible for the remaining $100,000. If you have an umbrella insurance policy, it would then kick in to cover this excess liability. If you don’t have an umbrella policy, would you be able to foot the bill? If you cannot pay for the remaining balance, a court may issue your future wages to be garnished.
Similarly, homeowners need to protect themselves from a liability claim. Whether you’re hosting a party and serve too much alcohol, have a slip and fall accident on your sidewalk or your dog bites a neighbor, you can be held liable for medical bills, rehabilitation programs and lost wages.
How are you covered?
By purchasing an umbrella policy, you can be covered for the following items:
- Bodily injury: Medical bills and settlement for injuries sustained to the third party.
- Property damage: Damages sustained to the property of a third-party.
- Other damage: Libel & slander, other claims expenses.
- Legal fees: Hiring an attorney can be expensive. An umbrella insurance policy helps cover the cost.
There are countless situations that can occur and exhaust your current liability limits on your home or auto insurance policy. Good news: umbrella insurance policies are relatively inexpensive, typically starting around $155 per year. Contact an agent at our office for your personalized umbrella insurance quote today. We can help you determine how much coverage you need.
A Accelerated Auto Insurance was founded in 1992 by a group of independent insurance agents. Their vision was to provide affordable auto insurance rates to all customers regardless of driving record or credit history. This vision allowed them to quickly build a large, loyal customer base. In 2006 Jared Fuller began his career with Accelerated Insurance as a customer service representative. Over the next 10 years Accelerated expanded its reach to offer home and business insurance in addition to auto. In 2015 Jared’s wife, Cristy Fuller, also started working for the company. During the year 2016, they became the sole owners of Accelerated Insurance. Advances in technology allow Jared, Cristy, and a small staff to continue to grow while still providing excellent service to their existing policy holders. They continue to maintain the same vision of savings and service for Northeast Louisiana.
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