Umbrella insurance is personal liability coverage that fills the unexpected gaps that can appear between your policies. If a claim is submitted exceeding the financial limit of your current policy, umbrella insurance fills that financial gap and can prevent the need for you to tap into your savings for unanticipated expenses.
Umbrella insurance covers high costs that go beyond your existing policy, providing an additional layer of coverage in extenuating circumstances.
The necessity of umbrella insurance varies from person to person. If you frequently seek enhanced levels of insurance safeguarding, umbrella insurance could potentially present a smart financial decision due its intrinsic ability to offer an added layer of security. However, if you are someone who isn't at an above-average risk of being involved in a lawsuit, then umbrella insurance may not be as valuable.
While umbrella insurance covers a broad swath of situations, there is no insurance policy that provides complete comprehensive coverage. Umbrella insurance generally doesn't cover damage to your own property, business liabilities, and war-related liabilities.
In general, the cost of umbrella insurance is relatively affordable - by design. The insurance Information Institute claims that most $1M policies cost between $150 and $300 per year, rising in cost alongside the amount of coverage. These affordable prices are due to the requirement that most providers have in place to have the maximum amount of coverage on another policy before agreeing to umbrella coverage.
For policyholders that are seeking to increase their protection and minimize out-of-pocket costs when an expense arises, Lowry Insurance's team is ready to work with you to find a solution that fits your needs and your budget. Get in touch with us today to incorporate umbrella insurance into your current policy for enhanced security.
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(704) 332 8871