What is Umbrella Insurance and Who Needs It?

The majority of people have no idea what umbrella insurance is but that does not mean that they do not need it. When it comes to umbrella insurance, it can be pretty easy to determine if you need to get a policy or not. Continue reading to see what it is, help determine if it is right for you, and if you need to consider getting a policy.

  • If you have assets that are high value, an umbrella insurance policy can take over where your current policy falls short. You may not know it, but your auto and home insurance policies have maximum coverage limits. If you have assets that are worth more than that maximum coverage amount, then you should consider an umbrella insurance policy. These policies will cover you when your other policies no longer can. Take a look at these two values to see if you are fully covered or not. 
  • Umbrella insurance policies can also cover your liquid assets such as your checking account, savings account, and even your retirement account. Banks and other establishments only cover your liquid assets up to a specific amount. You may want to check with your banking institutions to make sure you are covered completely by them.
  • If you are a high profile individual in your community, you may want to consider this type of policy. It can provide you with insurance for personal injury such as libel, slander, wrongful conviction, and even false arrest. While most people do not need this, you can judge if you may.

For more information about umbrella insurance policies, be sure to contact us at ALLConnecticut Insurance today. We will also take a look at your asset values and current insurance plans to see if it is the right option for you.