We are all used to having individual insurance policies that cover the car, the house and even our life. Each policy protects us and our loved ones in different ways that are specific to the coverage, but they do not protect us against lawsuits or keep assets from being seized. If this is of particular concern for you, as you consult with your palm coast insurance agency, make sure you ask them what they can offer you and if they specialize in umbrella policies that can afford you the protection you are looking for.
These days, umbrella policies’ coverage, flexibility, and lower cost have become very palatable to many people as occurrences that one may find unnatural or not commonly happening may be considered. Whether you face it or not, there are some incidents when you feel you’ve been very careful, yet you find yourself in the middle of a problem.
To give you a better idea, one example would be, for instance, you organized a soup kitchen to help feed your community; however, this program caused a number of people to get sick and suffer from food intoxication. This incident may have been a result of negligence, so you may be held liable. And although you did not intend it to happen, you need to take care of those who were affected. That’s where having umbrella insurance can be beneficial for you.
Before you do, however, consider these four reasons to have an umbrella policy and see if it is the right step for you.
1. You Have Real Assets
Though everyone has some asset they consider valuable and important, the real value can be relative and not something that would come to harm. On the other hand, some people have sizeable assets that can be seized and attacked such as a business they own or extensive financial holdings.
It’s imperative that you put a high value on your assets, especially if these are giving you the means to live. Say you own a number of rental properties; it would be best to have them covered with landlord insurance so you’ll be guaranteed stability in the event of natural disasters, damage to property by tenants or their guests, and even security when your tenants fail to pay their rent for a given period.
2. Lawyer Fees Are Covered
Avoiding lawyer fees is the first course of action, yet this is not always the reality. Your regular coverage will not cover these costs, which escalate rather quickly. With an umbrella policy, you can hire the lawyer you want, rather than the only lawyer you can afford. It’s important to note how expensive the fees could be, especially since lawyers generally require a retainer before they start working.
3. Expanding Normal Coverage
The regular policies we have in place are designed to cover the basic costs of commonly expected accidents and issues. Unfortunately, damage and other situations may arise that goes beyond the expected limit, and if you have an umbrella policy, it will be there to save to the day.
4. Protection From Libel and Slander
Not everyone is in danger of lawsuits for libel and slander, but for some people, this is a serious risk. Having a policy that addresses these concerns in priceless if such lawsuits come about, offering a sense of security that is worth every penny.