Protecting your financial security is crucial for many reasons, one of which is the occurrence of unexpected accidents that result in someone suing you. This can negatively impact your current and future financial health. With guidance from our staff at BES & Associates Insurance, we can answer your questions about protecting your assets with an umbrella insurance policy.
Things to Consider
Umbrella insurance provides extra protection. It serves as a safety net in the event an unexpected or large claim is filed against you that exceeds your standard policy limits.
For instance, if someone visits your home in Walford, MD, trips and falls on your deck, breaking their leg, or if your dog bites a visitor, or your teenage son is involved in an auto accident resulting in damage to another person’s vehicle and bodily injury. If a claim is filed against you, but the amount you are being sued for exceeds the liability limits of your homeowners or auto insurance, an umbrella policy can provide peace of mind. It takes over where your current policy coverage ends and pays the rest of the claim.
When to Consider Umbrella Insurance
While residents of Walford, MD, are not required to have umbrella insurance, if your total assets are significant, resulting in high net worth, additional coverage is usually recommended. Typically, $1 million is the starting point for umbrella coverage. The amount of coverage can be increased, if necessary.
Contact BES & Associates Insurance
If you’re wondering whether you should buy umbrella insurance, contact us at BES & Associates Insurance. One of our knowledgeable agents will review your assets and property owned and assess if you are potentially at high risk of being sued. Our agent will then make recommendations tailored to your needs.
