Many myths surround umbrella insurance. One of them is that it is only for the wealthy. At All-Tex Insurance in Granbury, TX we like to think that we are myth busters and want our customers to understand the benefits of umbrella insurance for them. As independent insurance agents, we have a lot to offer and we understand that we work for you. We do our best to make sure you get the right insurance products.
Is umbrella insurance only for the wealthy?
Before you can answer the question, you need to understand what umbrella insurance is. It is excess liability insurance. What that means is that it adds an additional layer of protection to any policy or policies that you have which includes liability coverage. Umbrella insurance is not a stand-alone policy, you need to have a primary policy that it can supplement.
Liability insurance is the type of coverage that protects you from having to pay out of pocket for injuries that you cause or are responsible for. Many different types of policies have liability coverage as part of their components. Most people have one or more of them. Auto, motorcycle, boat, RV, commercial, home, condo, and renters all have liability coverage.
Most basic insurance policies have pretty basic liability coverage. An accident can result in major expenses for a hospital stay, not to mention if the person injured decides to sue. You work hard for whatever wealth you have accumulated and you could lose it all if the judgment ends up exceeding your liability coverage. Umbrella insurance adds an additional million dollars minimum to whatever your primary policy has. That is enough liability coverage to at least let you sleep at night.
So no, you don’t need to be wealthy, you just need to have some assets.
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Contact All-Tex Insurance in Granbury, TX to discuss what umbrella insurance can bring for your financial security.
