Umbrella Insurance In Ankeny, IA

Why Should You Invest In An Umbrella Liability Insurance Policy?

blue umbrella on beachIf you have money in the bank, whether it is in the form of a trust, retirement account or cash, you need to consider acquiring insurance protection. If you own a home or are the landlord of a rental property, Umbrella Insurance is a wise investment. If you have a job that pays well or plan to have one sometime in the future, you have a need for this valuable coverage. It is the most affordable insurance policy available, while the peace of mind that it will give your is exceptionally valuable.

An Excess Liability Insurance policy is an insurance product that offers liability coverage that exceeds the limits of your homeowners and automobile coverage. Therefore, if your liability coverage does not provide sufficient coverage for the damages incurred due to an automobile accident that you cause or an incident that takes place on your property, you will still be covered.

Your Umbrella policy will kick in where your other liability coverage reaches its limits. When you have a policy, you will still be protected when your homeowners and auto insurance is not enough.

How Personal Umbrella Insurance Works

In order to get a better understanding of the way that this policy works, consider this example. If you are determined to be at fault for an automobile accident in which the other driver is injured, but your traditional auto insurance policy only provides coverage to the other drive up to the limit that you set up when you purchased the policy.

However, the driver is severely injured and the medical bills that you are responsible for paying drastically exceeds your coverage limits. Without an Umbrella Liability Insurance policy in place, you will have to pay the remaining expenses out of your own pocket. Imagine a single accident could mean your financial ruin.

Your personal assets will be at stake. If the injured driver requires surgery or extensive rehabilitation, you will be responsible for paying these extensive bills. If the injuries are so severe that the other driver is unable to return to work for an extended amount of time, you may suddenly find yourself facing a million dollar lawsuit.

Having an Excess Liability Insurance policy in place will provide you with the extra coverage that you need so you will not be struck having to find a way to pay a remaining balance all on your own. This additional policy could safeguard your home, your bank account and other valuable personal property.

Why You Need Extra Protection

You work hard to become successful and over time your assets have grown considerably. However, your exposure to loss has also increased. By having additional liability coverage that goes above and beyond your standard car and home insurance policies, you will be able to rest easy because you know you have adequate protection in place and are prepared to take on any unforeseeable incident.

Imagine that you decide to spend a relaxing Saturday afternoon cruising in your new convertible that you were able to purchase after your recent raise. All of a sudden, a cat darts out in front of you, and being the animal lover that you are, you swerve suddenly to miss it. In doing so, your car speeds through a neighbor's yard, knocking over their custom mailbox and crashing through their garage door.

You are fine, but your car has seen better days. However, you know that the damages to your vehicle will be covered by your auto insurance policy. Then, you notice that the fallen garage door has revealed a pristine condition, rare vintage roadster. There is no way that the liability coverage included in your standard policy is going to cover all of the damage. In addition, the neighbor is suing you for the damages, so you also have to pay legal fees and any court awarded amount.

Doubleday Insurance Agency, Inc: Your Insurance Professionals

Unless you have an Umbrella Liability Insurance policy in place through a reliable provider like Doubleday Insurance Agency, Inc in Ankeny, IA, you could stand to lose everything. This coverage is designed to be there for you even after your other policies have been exhausted.

Even if a lawsuit results in a major reward and you have to pay expensive court costs, you do not have to worry about losing your home, cars, jewelry or a portion of your newly increased salary for the rest of your life.

Do not wait until it is too late and you are trying to figure out how you will escape financial devastation. Click on the quote request button now to be in contact with one of the excellent professionals at Doubleday Insurance Agency, Inc. The small investment that you make for your Excess Liability Insurance policy will be well worth the peace of mind knowing that everything that you have worked so hard for is well protected.