In life, you can always expect the unexpected. Unfortunate scenarios happen all too frequently and regardless of how careful you are, situations can happen that can be devastating, both emotionally and financially. If you have never heard of an “umbrella”, then you aren’t alone, but what you need to know about having umbrella insurance protection is that it provides peace of mind knowing you have an extra layer of coverage should something catastrophic happen.
With everyday situations, you need to be prepared or your assets and financial future could be up for grabs. Everyday risks, such as dinner gatherings, pets, parties, and distracted drivers can turn ugly, quickly. However, will you be prepared for when it does? Do you have an umbrella?
What is Umbrella Insurance?
An umbrella insurance policy is designed to provide insurance protection above and beyond the limits of liability under your primary N.C. homeowners, auto, or business policy. If something catastrophic happens and your acquired N.C. liability limits are exhausted, the umbrella safeguards you and your assets, that otherwise would be up for grabs. Without an umbrella, YOU are responsible for any fees (including any legal judgements) that are incurred above and beyond your exhausted limits of liability.
For example, imagine you host a fall gathering and one of your guests gets severe burns from the fire pit. The medical bills combined with anticipated future care, scarring, and pain and suffering exhaust your N.C. homeowners liability limits of $100,000. In fact, with a legal lawsuit pending, the final judgement may be close to $1,000,000. Without an umbrella, YOU will be responsible for anything above and beyond the $100,000.
Bottom line, can you afford NOT to have umbrella protection? For a nominal fee, you can get the protection you need and deserve.
Who Needs an Umbrella?
You may think you don’t need this type of excess coverage protection, but you don’t have to be a millionaire to get sued. It is designed for everyone, especially if you:
- Have a teenage driver
- Own pets
- Have a job
- Own firearms
- Utilize social media
- Own rental properties
- Own a home
- Own any type of watercraft or recreational vehicle such as Jet Ski, ATV, etc.
- Have any assets including savings, retirement and future earnings
All of the above situations involve risks of liability that YOU can be held responsible for out of pocket. Do you have enough insurance protection? You need to seriously consider this question and contact your local N.C. independent insurance agent to discuss umbrella insurance protection today.
Excess coverage above your existing primary policies gives you the peace of mind that you need knowing that when the unexpected situation happens, you, your assets, and financial future will be protected. Call us TODAY at Twin City Insurance Associates to discuss umbrella insurance protection and the amount you may need. We are here to assist you with all of your N.C. insurance needs.