Umbrella Insurance Myths
Myth #1 - Umbrella insurance is just for the rich.
Umbrella insurance is not just for the wealthy. With the common occurrence of lawsuits and very large settlements, umbrella insurance can provide a much needed additional layer of protection for any policyholder. Umbrella insurance is designed to give added liability protection above and beyond the limits on homeowners, renters and auto insurance policies. It’s not just your current assets you are protecting, but your future wages as well.
Myth #2 - The premiums are too expensive.
Because the majority of claim risk is paid by your auto or homeowners insurance policy, premiums for umbrella insurance are relatively inexpensive. Premiums are usually $200 a year for $1 million worth of coverage. The cost depends on such criteria as the amount of coverage, and your own "personal risk factors" such as the number of houses, automobiles and recreational vehicles you have as well as the driving experience of each operator.
If you have questions about any of these umbrella insurance myths, call us today at 800-922-8381 to get the facts straight!