Insurance is a vital purchase because of the role it plays in protecting your family and assets. However, if you don’t have enough coverage, it will fail to do the job you need it to do. Your home and auto insurance policies are only designed to pay up to a certain amount in damages should a disaster or accident occur, which is why the experts at Davidson Insurance Agency recommend having umbrella insurance to take over from there. The company’s number one priority is to ensure Lincoln, NE, residents have adequate insurance plans to safeguard their finances.
Below, the agency goes over what umbrella insurance is and how it can benefit you:
- What Is Umbrella Insurance? Umbrella insurance is a type of liability policy that offers increased protection above and beyond what your home or auto insurance will provide. This is crucial in the event you are found responsible for causing an incident that involved another party, and there isn’t enough coverage on your original policies to pay what the court has awarded them.
- What Does It Cover? While each of your other insurance policies is specifically designated to cover one particular element of your life, umbrella insurance can be used to cover a variety of financial investments. Typically, it will cover medical expenses from bodily injuries, repairs or replacements due to property damage, and legal fees incurred from a lawsuit.
- Why Do You Need It? If you own a home, have accumulated additional valuable assets, and have a considerable retirement account or investment portfolio you’ve built up, umbrella insurance is a must. Life is unpredictable, and this is the best way to ensure you are covered should an accident happen or you end up facing a lawsuit.
Umbrella insurance is something most people don’t ever expect to use, but without it, you leave yourself vulnerable to experiencing a great deal of financial loss. Contact Davidson Insurance Agency at (402) 423-4357, or visit their website to obtain your free insurance quotes.