If you’ve been contributing to your retirement for years, it’s important to protect that nest egg. After all, if you were to have an accident or be sued, it would likely put a significant dent in your savings. Umbrella insurance can help ensure the assets you spent so much time investing in are safe. Here, the experts at Senn Hometown Insurance Agency in Oconto Falls and Coleman, WI explain what you need to know about this type of policy.
What Exactly Is Umbrella Insurance?
Umbrella insurance is essentially a type of liability coverage that offers extra protection in addition to standard policies for scenarios involving property damage, defamation, or bodily injury. An umbrella policy can be used for everything from auto and homeowners insurance to renters and farm coverage.
How Can It Help Me?
Say you have a nest egg of $500,000, but you get into a car accident that injures people in the other vehicle, and they decide to sue. If you’re found liable, you won’t want to clean out your entire retirement fund and be left with nothing. While IRAs and retirement accounts through your employer are legally protected in cases like this, your other assets won’t be, and you could have to file for bankruptcy to offset the costs. Umbrella insurance will pay for the damages and the court and lawyer fees associated with them so you can rest easy.
How Much Do I Need?
This particular policy is written in increments of $1 million, but the amount of coverage you need will depend on your assets. Speak with an experienced insurance agent to find the best fit for you.
For all of your insurance needs, visit Senn Hometown Insurance Agency. Whether you’re interested in protecting your assets with umbrella insurance or are simply in need of new auto coverage, the team is happy to help. Learn more about all the services they offer by visiting them online. To schedule a consultation in Oconto Falls, call (920) 848-2341, or reach their Coleman office at (920) 897-4100.