Umbrella Insurance: Fact vs Fiction

Umbrella Ins Fact vs Fiction

If you’re confused about umbrella insurance, take heart. You’re not alone. Misconceptions about this coverage have kept many people in the dark as to what it really has to offer. By separating fact from fiction concerning umbrella coverage, Brock and Poole Insurance Agency in Collierville, TN can help you decide if umbrella insurance is for you.

Fiction: Umbrella insurance protects pricey personal items.

Many people have the misconception that umbrella insurance protects costly goods such as posh jewelry or original artwork. The truth is it provides extra liability coverage to protect you against lawsuits if you’re found at fault for causing an accident in your home, business or on the road. Umbrella coverage can help protect your assets if you’re sued for damages.

Fiction: Umbrella insurance is extremely costly.

The cost of umbrella coverage is extremely reasonable considering the amount of protection it provides. Coverage limits start at $1,000,000 and can be extended up to $10,000,000, depending on the protection you need. Umbrella coverage is designed to protect you against serious accidents you may cause. Although policy costs vary depending on your risks, on average, a $1,000,000 policy can be added to your home and auto coverage for less than $200 annually.

Fiction: Umbrella coverage is only for the wealthy.

You don’t have to be wealthy to be sued for damages. Lawsuits are more common than ever today and often involve the middle class along with upper-class families. If you have valuable assets such as a home, auto, boat or real estate property, you could benefit from the protection that umbrella insurance has to offer. Even your savings, retirement, inheritance and future wages can be at risk when it comes to a lawsuit.

For more information about umbrella policies and costs, contact Brock and Poole Insurance Agency in Collierville, TN.