Misconceptions about umbrella insurance have caused many people to shy away from this coverage. If you have abundant assets, however, you can greatly benefit from what umbrella coverage has to offer. Umbrella insurance provides you with extra liability protection against home, watercraft or auto accidents for which you're found at fault. Here's how an umbrella policy from Anderson Atwood Consulting in Colorado can protect you from financial loss.
Understanding Umbrella Coverage
Umbrella insurance offers extra liability protection that exceeds the limits of your home, auto or watercraft insurance policies. In order to obtain umbrella insurance, you must already have liability coverage through a home, auto or watercraft policy. Your umbrella coverage will begin when the limits of your other insurance policies are exhausted. If you're held responsible for a serious auto accident, for example, your auto liability coverage may not be enough to cover medical or property damage you caused to other drivers. This is where umbrella coverage kicks in so you don't have to pay for extra costs out-of-pocket. If you're sued for damages, umbrella insurance will cover your legal fees and settlement up to the limits of your policy.
Who Can Benefit from Umbrella Coverage
If you own costly property in Colorado or have substantial financial assets, umbrella insurance can protect your assets against lawsuits due to accidents you cause. Owning a pool, trampoline or boat puts you at greater risk of liability claims due to accidents. With umbrella coverage, you have the protection you need for any eventuality.
Tips for Buying Umbrella Insurance
When purchasing umbrella coverage, take into consideration how much you stand to lose in the event of a serious accident as this can help you determine how much coverage to obtain. At Anderson Atwood Consulting in Colorado, we'll work with you in selecting an umbrella policy that provides the protection you need. To learn more about umbrella insurance policies and costs, call or visit our office today.
While our main office is located in Northglenn, CO, we service clients all over Colorado & are expanding rapidly to serve in multiple states.