You may say you have personal liability coverage under your home or auto insurance. But ask yourself whether the coverage would be enough if you got into serious accidents? The answer is no. These liability coverages have limits that can be depleted in the event of a significant accident. That’s why umbrella insurance is crucial, as it bridges the gap when these other liability policies max out.
To that end, without umbrella insurance, any injury or damage beyond your other liability limits means paying them from your pocket. But with umbrella insurance, that means your assets are safe in case of substantial liability claims. That said, there are several reasons why you need umbrella insurance. Franklin Insurance Agency has prepared for you some of the main reasons. Let’s learn.
Protects your assets
If you have assets, then umbrella insurance makes sense for you. When you are in an accident and the damage goes beyond your primary insurance limit, you should cover the difference. For some, it would mean letting go of their savings or assets. But with umbrella insurance, you get covered against such occurrences.
Provides broad coverage
Unfortunately, we live in an era of lawsuits, where everyone wants to sue you for anything. Luckily, umbrella insurance provides claims that your other insurance coverages exclude, like slander, malicious prosecution, libel, false arrest, or imprisonment.
For peace of mind
Your assets should be your source of joy, not worry. Umbrella insurance makes you rest assured that your assets will not be interfered with in the event of expensive claims.
The umbrella insurance premiums are pretty affordable, as the insurance kicks in when your other liability coverages get exhausted.
Umbrella insurance in Rio Rancho, NM
There you have it. Anyone who is not ready to pay the extra liability claims or expensive lawsuits from the pocket has umbrella insurance to thank. Ready to purchase one in Rio Rancho, NM, and its environs? Contact us at Franklin Insurance Agency for an affordable quote.