As the name suggests, umbrella insurance provides extra coverage during rainy days. At times, you may encounter a liability larger than your auto insurance can provide for. For an umbrella policy that will help you avert financial ruin, it’s best to talk to a professional insurance agency and secure the protection you need. Consolidated Agency of Rochester, NY, is ready and willing to arrange the policy that best suits your coverage requirements.

Here, their experts break down the finer details of umbrella insurance:

• Boosting Your Insurance Coverage: An umbrella insurance provider will require you to raise the limits of your liability. For example, the limit is usually set at about $300,000 for home insurance and $300,000 per person for auto insurance. A significant number of policy providers only extend an umbrella to the policies they issue.
• Learning The Average Cost Of Umbrella Insurance: Umbrella insurance is among the most expensive types of insurance coverage. Normally, you would need to fork out around $2,000 to secure a policy worth a million dollars. However, most reputable providers will not double your premiums if you decide to double your policy—especially if you want to seek an umbrella policy from the same insurance agency.
• Considering The Tax Deductibility: In most cases, your umbrella coverage is not tax deductible if it is a personal policy. While business owners may be able to deduct their premiums, people with rental properties lie in a gray area. To confirm the laws that apply to your state and circumstances, consult a tax expert or speak with a specialist at your insurance agency.

If you’re still confused about the basics of an umbrella policy, contact the insurance experts of Rochester’s Consolidated Agency at (585) 467-4110. You can also visit the website to learn more about their products and services.