What Can I Do If I Can’t Afford My Medicare Premiums?
August 26, 2021
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Home and auto insurance are an important step in your financial planning and a great way to protect your family’s assets. However, these coverages have limitations. You can choose the amount of coverage to be included in these policies, but carriers will limit the amount of liability protection. For coverage beyond those limitations, you’ll need umbrella insurance or excess liability coverage.
Standard insurance policies do provide valuable liability protection. But what happens when you need more protection then offered by your standard home and auto policy. An example might be that your home catches on fire, and it spreads to destroy your neighbor’s property. Does your home insurance policy include enough liability coverage to pay for the damages?
Umbrella insurance can protect your assets if you are held liable for property damage or bodily injury. It can also help cover legal fees, false arrest, libel and slander. If you are sued and do not have enough coverage with your standard policies, all your assets are exposed. This can include your house, car, financial and retirement accounts, and future income.
Think of umbrella insurance as a excess policy that adds another layer of coverage on top of your basic policies. When you’ve reached the limits on your home or auto insurance, your umbrella (excess) insurance then helps cover the remaining costs. The Coleman Agency sometimes explains this to our clients as sleep insurance. This extra liability coverage is there to protect you when the most extreme events happen.
If you want to protect you and your family from financial ruin due to an unforeseen accident, you may need an umbrella policy. Contact The Coleman Agency today to begin protecting your tomorrow.
