Umbrella insurance is ideal for any individual that owns something of value like a home, investments, retirement savings, extensive savings, and more. If you are sued because of an event that happens at your property, or you unintentionally injure another person, then umbrella insurance leaps into action to protect you and your loved ones from financial ruin. For example, if you are skiing in Colorado and accidentally hit a snowboarder, causing extensive injuries, then you could be sued for medical expenses that quickly escalate into the high six figures. If you have umbrella insurance, then that policy will cover the cost of expenses beyond your existing policy limits and the policy's amount specified.
Think of umbrella insurance as a secondary policy with your homeowners, renters, or auto insurance policy as the primary. Given that it is easy to be held responsible for an accident that happens on your property, umbrella insurance makes the most sense if you meet any of these situations:
Since participation in these activities increases the likelihood that you may be sued, having an umbrella insurance policy offers an additional layer of protection. The higher your salary and the greater your net worth, the more important that umbrella insurance becomes. Remember that you can always start with a smaller umbrella insurance policy and increase it as your salary and net worth go up.
At Blackford Business Solutions LLC in Florida, our talented team of insurance experts can answer every one of your questions about umbrella insurance and help you determine whether having one makes sense for your needs. Give us a call today to learn more and schedule a no-obligation consultation.