Umbrella Insurance

Umbrella insurance isn’t what most people think of when they think of insurance. However, we know that it could mean the difference between keeping and losing your livelihood. It is considered an extra liability insurance, which means that it isn’t your typical type of insurance.

Most personal insurance policies will cover certain items, such as homes, cars, or health. If something happens to your vehicle, your car insurance will help you take care of it. What happens if you receive medical bills that your insurance can’t help you pay? Or extensive damage to your house or car, for that matter? What happens if you are issued a costly lawsuit outside of work? You probably can’t answer these questions if you don’t have umbrella insurance.

At SOGO, we understand that these things happen. That’s why we offer this type of insurance to all of our clients. Umbrella insurance acts like an umbrella that protects your life from disasters. It will help take care of extra costs that your other types of insurance won’t pay. It can also help take care of claims that are not covered by your existing insurance policies, such as lawsuits or false arrests. You shouldn’t wait to find yourself in a situation where you need help that your insurance won’t cover.

Let me give you an example. Let’s say you get into an accident and have to pay $300,000 for hospital bills. What will you do if your health insurance will only cover $200,000 of the bill? If you have an umbrella insurance policy that will cover expenses of $100,000 or more, you’re set. This is why umbrella insurance is so important.

Umbrella insurance does have its limits. Your other insurance plans will be expected to pay for a set amount of the damage before your umbrella insurance pays for anything, and then it will only cover a set amount of cost. It will depend on what insurance company you choose. This is why you shouldn’t try to decide on which policies or companies to choose on your own. We want to help you find the coverage and the peace of mind you deserve.

Now that you know why it’s important to acquire Umbrella Insurance, we want you to understand how to acquire the right type of insurance policy for you and your family. Here are a few questions that you should ask your insurance company:

  • How much coverage can I acquire? You need to make sure that you are acquiring enough insurance, but you also might not need as much insurance as you think you do. If you ask this question before you need to make a claim, you won’t be surprised when something unexpected happens.
  • Do you require a home inventory? No matter what type of insurance you have, we suggest that you update your home inventory list regularly. Umbrella Insurance may be able to cover things that your home insurance can’t.
  • What does my policy cover? Most policies will be able to cover anything not covered by your other insurances, i.e. home, health, auto. However, it’s best to find out the specifics to know for sure.
  • What is the claims process? You need to know when you should make claims, who it will be sent to, and how long the claims process will take.

Contact us here at SOGO and ask us any questions that you may have about Umbrella Insurance. We are ready and willing to help you find the right policy for you and your family.