Why do I need an umbrella policy

Before you understand why you may or may not need an umbrella policy it is important that you understand what an umbrella policy is. Think about an umbrella then consider what it does, it protects you from the elements. An umbrella policy does the same thing for your assets, it adds an additional layer of liability protection above and beyond your homeowners or auto insurance policy.  The friendly agents at Hinman & Associates Insurance Reno, NV would be happy to discuss this important coverage with you.

Another name for an umbrella policy is excess liability insurance and it some ways it makes the purpose a lot clearer. In today’s world where suing seems to have become a national pastime, it kicks in when your homeowners or auto insurance limits have been reached. Typically umbrella policies give between one and five million dollars in excess coverage.

If you own a home, have savings or other assets, having an umbrella policy can protect these assets for you. You may not think that you have large enough assets to require this type of coverage but if you own a home of any size and would not like to lose that home to a lawsuit, then it is important to consider getting this coverage.

With a lawsuit, it is not only what you actually own today that is in danger but also what you may earn or own in the future. Owning some things make you more vulnerable to legal liability such as a swimming pool, trampoline or a dog. If you coach children’s sports, are a landlord or even are a volunteer for a non-profit, you can be sued for something you said, wrote or did. Why take a chance with your hard earned assets?

If you live in or near Reno, NV why not call Hinman & Associates Insurance to discuss your particular situation and whether or not an umbrella policy is something that you need to have.