Umbrella insurance is one of those types of insurance that makes most people just shake their heads. They are not sure exactly what it is and why they need it. At Craig Insurance Group in Raleigh, NC, we want to make sure that all of our clients know what umbrella insurance is and why it would be a good idea to have it. As independent insurance agents, it is our job to provide our clients with the information they need to make informed decisions about coverage.
It is not surprising that the term umbrella insurance confuses people. It is not insurance that protects your umbrella. But, if you picture an umbrella and the type of protection it offers you from a rainstorm, you get a better idea of why it is called umbrella insurance.
In order to purchase umbrella insurance, you already need to have a primary policy that has liability coverage. Umbrella is excess liability coverage above and beyond what your policy has. When you have an umbrella policy, it works with all the other liability coverage that you have. It can protect your assets from legal action from an auto accident, injury at your home, and more.
What liability insurance does is protect your assets. If you have no assets, then you don’t need umbrella insurance, but most people have more assets than they realize. If you get sued, your assets could be lost to a judgment against you if you don’t have enough liability coverage. A typical umbrella insurance policy starts at one million dollars and goes up from there. With the size of judgments these days, having enough liability insurance is essential. You don’t need to be wealthy to benefit from this important insurance coverage.
Contact Craig Insurance Group in Raleigh, NC for all your umbrella insurance needs.