Even with the best insurance plans in place, a major incident can result in a critical financial crisis. It's easy to feel overwhelmed with so many different insurance types on the market, including umbrella policies. Albers Insurance Agency, a highly trusted firm in Cincinnati, OH, believes there are several reasons to add umbrella insurance to your existing policy. Their agents have expertise helping customers find the right plans to meet their budget and coverage needs.

Reasons to Add Umbrella Insurance Coverage

Financial Protection

Many people choose reduced insurance coverage limits because the premium costs are significantly lower. In the event of a serious accident, an injured party can come after you for excess costs if your insurance does not cover all of their losses. Should that occur, you are financially vulnerable and could become personally liable for damages. The purpose of an umbrella policy is to implement an additional layer of protection for your financial security and peace of mind.

Cost-Effectiveness

Instead of increasing coverage premiums on your current policies, discuss the benefits of an umbrella insurance policy with your insurance agent. The benefits of such a plan, combined with the affordability, could provide you with the coverage you need for less than you expected.

Above & Beyond Coverage

Umbrella insurance is also called excess liability coverage. It is an additional policy that increases your coverage above and beyond your existing insurance plan. For example, assume that a fire has destroyed your home. Your homeowners insurance covers $250,000 in damages, but it will cost $400,000 to replace your home completely. If you had an umbrella insurance policy in place, that plan would cover the $150,000 difference—a substantial amount of money you do not have to pay out of pocket.

Are you worried your current homeowners insurance or auto insurance policy isn't enough in the case of an accident? Call Albers Insurance Agency at (513) 891-3304 or visit them online to set up an appointment. Request an overview of your existing policies and mention that you are interested in discussing the addition of an umbrella policy.