Ever think, “What’s the worst that could happen?” Well unless you can dust off your crystal ball and see into the future, you should be thinking, “What would happen IF the worst happened? Would I have enough insurance to cover me and my family if a severe injury occurred?”
With umbrella insurance, you can leave your crystal ball on the shelf and have the peace of mind that comes from having additional coverage over and above your homeowners insurance, and in certain cases your car insurance. When those policies are not enough to cover the costs of a serious situation, an umbrella policy protects your personal assets, like your home and investments from exposure.
So what is umbrella insurance?
Imagine this: a covered household member, like your newly added teenage driver, is out running errands when they make a left hand turn too quickly causing a serious accident involving others. We hope this never happens, but if it does, you may find yourself facing serious legal and medical issues that are greater than the limits of your insurance. This means your personal assets are exposed as you are sued for the significant medical and legal expenses your teen caused.
In this situation, if you had an umbrella policy, you would have additional coverage protecting both your assets and peace of mind. It extends coverage for amounts greater than your car or homeowners insurance policies to protect you from a potential significant loss settlement, up to your umbrella policy limit.
I already pay for insurance. Why do I need this?
Your current policies cover everyday occurrences that have everyday outcomes. Umbrella policies cover unexpected, serious occurrences that have extraordinary outcomes. Nobody wants to think about tragic events that seem like a farfetched nightmare, but the real nightmare is if a tragic event happens and you’re not protected. Having an umbrella policy protects your assets, like your home, bank accounts, and investments, and keeps your earnings in your pocket when your other policies have reached their limits.
Ok, now I know WHY… but how do I know WHEN it’d be right for me?
Umbrella policies are used to protect your assets, so it should be part of any major life event or decision.
- Buy your first car?
- Get Married?
- Buy your first house or condo?
- Have a baby?
- Buy a rental property?
- Hand the keys to a teenager who started driving?
If so you, should think about getting one!
Hmmm… that sounds expensive.
It doesn’t have to be! With Arbella, umbrella insurance is surprisingly affordable. We have limits available from $1 to $5 million at attractive and competitive pricing. In fact, the average Arbella $1 million Personal Umbrella premium in Massachusetts is $246* for the full year. That’s less than your daily cup of coffee!
Have a conversation with your local, independent agent today and see how umbrella insurance could be right for you.
*Issuance of Coverage is subject to Underwriting and actual cost depends upon each insured’s unique attributes; average costs may differ in Connecticut.