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Do You Need an Umbrella Insurance Policy?

Umbrella Insurance

While most people are familiar with health, auto, and renters insurance, umbrella insurance usually does not hit their radar. Yet, this coverage might be more valuable than people think! To make it easy to understand, umbrella insurance is considered an extra liability insurance (hint: this means that this is not your “typical” type of insurance).

Okay, so what is it? Good question. Let’s put together some scenarios. For starters, people know that most personal insurance policies cover items like homes, cars, or health. But… what about this:

  • What happens if you receive medical bills that your insurance will not cover?
  • What happens if you have extensive damage to your house and your insurance cannot help you out?
  • What happens if you face a lawsuit outside of work and you have no one to help you out with legal costs?

This is where an umbrella insurance policy comes in to save the day! Basically, umbrella insurance acts like an umbrella that protects your life from disasters. This nifty umbrella can take care of extra costs that other types of insurances will not pay. Furthermore, umbrella insurance can also sweep in and help you take care of claims that are not covered by your existing insurance policies (hint: lawsuits or false arrests).

How do I get an umbrella insurance policy?! That is an even better question! While this type of coverage sounds handy and necessary, there are a few things you need to consider. First, umbrella insurance has limits. Your other insurance plans will pay for a set amount of the damage then your umbrella insurance will pay afterwards. Yet, keep in mind, it will only cover a set amount of cost. This brings us to our second point: you should not try to decide on which policies or companies to choose all on your own. This is where we, SOGO Wealth & Risk Management, can help you out.

Much like picking out the right pair of shoes or finding the right home, we can help you find the umbrella insurance policy that best fits your lifestyle. Call us at (210) 499-5050 or email us at info@sogowrm.com.

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