Do you worry sometimes that an event or incident will compromise your finances, and put your financial well-being at risk? You have insurance, right? But sometimes the limits set forth in an insurance policy are not enough to cover the expenses related to an accident or injury to another person. Client First Insurance Solutions in Americus, GA can help you obtain an umbrella policy to cover the extra costs.
Umbrella Insurance: What You Need To Know
But who really needs umbrella insurance? Anyone who has savings and assets that need protection beyond the maximum liability coverage of your car or home insurance. The liability insurance of these policies may not be sufficient to cover a lawsuit in the event your dog bites a neighbor or if you get into an accident and injure someone else.
Depending on the insurer, an umbrella policy can protect your assets up to $5 million or more. The amount of your umbrella policy should be enough to match your entire net worth. For example, if your assets total $1 million, that is how much umbrella insurance you should have.
An umbrella policy helps cover any defense costs if you are being sued for damages to someone else’s property or any injuries you may cause to others in an accident. It is particularly important for property owners and landlords because it will cover losses that are not covered by existing policies, as well as provide extra liability protection.
Another added benefit for landlords is the entire premium for your umbrella policy is tax deductible as long as it is for the rental property only. When the net income from the rental property is calculated, those premiums can be deducted along with other operating expenses.
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If you have assets that need protection, make sure you have an umbrella policy. Don’t risk putting your financial future in jeopardy – contact Client First Insurance Solutions in Americus, GA today to obtain a quote or for any answers to questions you may have.