When Should I Pick Up an Umbrella Policy?

Umbrella Insurance Phoenix AZ

When it rains, it pours – stay covered with umbrella coverage!

Protecting your family and assets is a top priority, which is why people have insurance. As for an umbrella policy, this provides coverage where your existing home, auto, and renters insurance policies end. It extends the limits of your primary policies, rendering coverage that is much more valuable!

Many homeowners and motorists tend to purchase a basic insurance policy, pay it monthly, and renew it each year. While home and auto insurance policies offer protection, there’s always a possibility that an unfortunate incident could wind up costing you hundreds of thousands of dollars in legal fees or property damage.

An umbrella policy is designed to kick in once you’ve exceeded the limits of your home and auto policies in a claim. If you think you’re safe from needing a policy, check out what an umbrella insurance policy can cover:

Lawsuits: Your standard homeowners or auto policy will provide you with some liability coverage, up to a limit set in the policy. However, you may want (and need) an extra layer of liability protection. An umbrella policy will also cover you for things such as libel and slander.

Several Car Pile-Up: If you’re at fault for a major accident, your auto coverage may not be enough to cover all the passengers’ medical bills and car damages!

A Home Guest is Injured: Should a visitor slip or fall into your swimming pool, trampoline, or suffer a serious injury on your property, you could be responsible for some hefty medical bills and an expensive lawsuit. Your homeowners insurance policy offers a certain limit of liability protection, but anything over that is on you!

For about $150 to $300 per year, you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that. So what are you waiting for?

Get ready to commit to a secure policy that offers extensive protection! Contact American Premier Insurance, located in Phoenix, Arizona, to get started on your tailored umbrella coverage.