Umbrella insurance is extra liability insurance coverage that goes beyond the limits of the insured’s home, auto or watercraft insurance. It provides an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident. Umbrella insurance is inexpensive, making it the kind of protection you can hardly afford to be without. In fact, it can cost as little as $100 a year for one million dollars worth of excess liability insurance.
The independent brokers at Compare A Quote can provide you with all kinds of insurance to protect your assets, including an umbrella policy. This is a secondary form of insurance requiring a primary policy that is the first pay out on a claim before the umbrella coverage becomes effective. For example, a home insurance policy provides the primary liability of a loss, once the amount of money in the homeowner personal liability is exhausted, then the umbrella insurance kicks in to cover the remaining liability. It can protect you from the kind of financial devastation that sometimes arises if someone sues you for property damage, injury, and associated legal defense costs.
People with established assets stand to lose significant amounts of money in a lawsuit if they get sued, so for them, carrying a few million in an umbrella policy makes perfect sense. But do you need an umbrella policy if you have little or no assets? Is this the kind of insurance policy you need to spend money on if you are just starting out? Absolutely. A substantial number of people with little or no assets get sued every year and, if a judgment is issued against them, they must pay from future earnings! What a drag, to maybe still be in school and already have a tremendous debt hanging over your head. There are literally few people who cannot benefit from having an umbrella policy, especially at a rate of $100 a year per $1,000,000 in insurance. Of course you must have a primary liability policy as mentioned above. The brokers at Compare A Quote can help you with all your insurance needs and furnish you with an inexpensive umbrella to protect you in case of “rain” in the form of a liability lawsuit. If you are a student renting a dorm room or an apartment near campus or sharing a house even, you can carry an umbrella policy secondary to your renter’s insurance policy. It is a wise thing to do. Just ask your Compare A Quote agent to tell you all about it!
Umbrella insurance is relatively inexpensive, but, since it is a secondary excess liability policy and needs a primary liability policy to attach itself to, you will need to get quotes on that primary insurance, be it homeowner’s insurance, business insurance, renter’s insurance, or any other kind of policy. To get the best rates on your primary liability policy call the independent agents at CompareAQuote . Because they are independent, they have no affiliation to any one insurance company, but instead access to hundreds of insurance companies across the country. What this means for you is multiple quotes from multiple companies for you to choose from. You could spend hours on the phone talking to agents from individual companies and comparing the quality of the policies they offer as well as the cost, but why would you when you need only make one call to Compare A Quote to receive all that information quickly, with a broker to assist you in wading through it to choose the best possible policy for you at the most affordable cost.