Umbrella insurance is for catastrophic losses and could save you from financial ruin in some situations. Not everyone needs such a policy. Retired people, especially those with a large amount of money or possessions, are the ones that would need this the most. The Old Pueblo Insurance agency in Oro Valley, AZ can help you sort through the insurance questions and find the policy you need.
If you have basic homeowners insurance you may think you have all you need. Renters or people living in condos also have specific types of insurance for those situations. In most cases, those policies cover loses, and are enough for anyone. However, those policies have limits on how much they will pay. If your policy has a $300,000 limit, that is all it will pay. If you have a million dollar loss in a lawsuit, you will have to pay $700,000. That is where an umbrella policy can save you. Umbrella policies are not terribly expensive, usually less than a homeowners policy.
The umbrella policy has a much higher limit for liability. If someone gets hurt, or several people get hurt, on your property you could be facing a big lawsuit. Or if you are in an accident, you could face a lawsuit with the possibility of a very large settlement being awarded. This could wipe out your savings very quickly. An umbrella policy would cover you in that situation. The umbrella policy can also cover you for libel and other types of damage you could cause.
Contact the Old Pueblo Insurance company in Oro Valley, AZ to find out if an umbrella policy is something you should have in addition to your regular insurance. Contact us by phone, or visit our website and use our tool to get information about insurance and pricing.