Are you fortunate enough to have significant assets? Have you heard of umbrella insurance? The DJ Kauffman Agency can explain the benefit of having umbrella insurance coverage. They serve the Hutchinson, KS area.
Umbrella insurance is extra liability coverage that extends beyond the limits of your current auto, homeowner, or other insurance with liability coverage. It provides an extra layer of protection for individuals at risk of a lawsuit because of damage to others or their property.
Umbrella insurance is excess liability insurance. If an insured is sued for damage exceeding a policy’s limits, an umbrella policy will help pay for what is owed. The umbrella policy pays so the insured does not have to touch their savings or other assets.
The additional coverage of an umbrella insurance policy is necessary for those high-net-worth individuals with a lot of expensive assets. They risk being the victim of a lawsuit and losing everything they have worked hard for.
Most insurance providers require base insurance coverage of $150,000 to $200,000 for an auto insurance policy and $250,000 to $300,000 for a homeowner’s insurance policy.
Don’t let the things you have worked hard for remain in jeopardy. What if you are in a car accident where you are at fault, and someone is seriously injured, resulting in a $1 million lawsuit? Your liability coverage caps at $100,000. The umbrella policy pays the balance, and you don’t have to come up with the $900,000 remaining in the lawsuit out of pocket.
The DJ Kauffman Agency can provide a quote or answer any questions regarding the benefit of umbrella insurance coverage. Contact them today. You will be glad you did.