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Do I really need an Umbrella policy?

If you've ever had a good insurance agent, he or she has probably asked you about an Umbrella policy.  So here's what an Umbrella policy is NOT:

- An umbrella policy is NOT insurance to guard you against rainwater
- An umbrella policy is NOT what we call bundling your homeowners, automobiles, and other policies together
- An umbrella policy is also NOT something you should disregard or avoid purchasing even if you have no assets to protect, or millions of dollars in the bank

Anyone can be sued, and as long as that is the fact, everyone should carry a Personal Umbrella Policy.

So what is an Umbrella policy?

An Umbrella policy is basically an extra layer of protection that provides additional LIABILITY coverage (usually $1,000,000 or more).  It doesn't add any new coverage to your home itself or vehicles, it simply increases your liability coverage.  Your base home and auto policies protect you if you get sued for an auto accident or many types of personal liability claims.  An umbrella policy kicks in when your underlying auto or home or other policy liability limit is exhausted.  It provides added coverage to protect you from large lawsuits.

The Top 4 reasons Absolute Integrity Insurance recommends an Umbrella policy for all of our customers

#1 - An umbrella policy protects your assets from being lost to distributed to the claimant if you were to sued and lose.  You've worked hard for the things you have and wouldn't want to lose everything over one lawsuit.

#2 - An umbrella policy is beneficial even if you don't have a large amount of assets.  If you get sued and don't have the assets or coverage to cover the amount of the judgment made against you, then a large portion of your wages can be garnished until the judgment is repaid.  An umbrella provides protection for your future wages, not just accumulated assets.

#3 - An umbrella policy through Absolute Integrity Insurance, in most cases, provides coverage for things that may not even be covered under your underlying Home or Auto policies!  The majority of our umbrella products include coverage for your Auto liability worldwide (something non-existent on your auto policy).  They also include coverage for claims made against you for libel, slander, wrongful eviction, and invasion of privacy even if your underlying property policy does not provide this coverage.  In these cases, the Umbrella policy pays beginning with the first dollar for these types of claims.  Your Absolute Integrity Insurance agent can guide you in the selection of an Umbrella product that best fits your needs.

#4 - An umbrella policy typically costs less per YEAR than the cost of one HOUR of attorney fees.  Umbrella policies are priced based upon the number of automobiles, properties, and specialty vehicles that you own.  For a family with 2 cars and 1 home, an umbrella policy typically costs under $200 per year for a $1,000,000 policy.

No one hopes or desires to be involved in a major accident or liability lawsuit, however, the only thing that can make it worse is not having the proper protection in place to ensure that a lawsuit doesn't become a financial disaster.

If you haven't already, ask your Absolute Integrity Insurance agent about an Umbrella policy today.  
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