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Umbrella insurance is insurance that helps protect your assets in the event that your insurance does not cover the full amount. Let’s say you were driving through Oro Valley, AZ and find yourself in an at-fault auto accident that involved more than two vehicles. The people in the other vehicles were injured and were taken to the hospital.
Between the damage to the vehicles and the medical costs, the total comes to more than your insurance policy covers. In this case, the money to cover these costs has to come from somewhere. If you have anything of value, including but not limited to a home or an investment account, you might lose them to cover the additional costs. Additionally, you might be sued for additional costs if the injured party loses compensation or has severe medical problems that are due to the accident. This can be a scary predicament to be in- no one wants to lose what they work hard for.
Unfortunately, though, we do not know the future and anything can happen. You may not be able to control everything, but you can lessen the impact of such a situation by obtaining umbrella insurance. It provides additional coverage that picks up where your other insurance ends.
Not everyone needs such coverage and you are not required to carry it. It is simply a means of protecting assets. Most umbrella insurance policies are for a $1 million minimum coverage. Once you have $1 million in assets, you should really consider adding this coverage.
Here at Old Pueblo Insurance, we understand what it means to work hard and want to protect what you work for. This is why we want to partner with you to make sure you have the coverage you need. If you live in Oro Valley, AZ, give Old Pueblo Insurance a call or stop by today for your no-obligation quote.
