No one really wants to pay more for their insurance, even if its means getting more protection. You may feel like the extra coverage isn’t worth raising your premiums. In this case, a personal umbrella policy may be what you’re looking for. It’s an inexpensive way to supplement your existing insurance policies all at once. In the event that your property is lost or damaged, your umbrella insurance can pay the difference when you don’t have enough coverage in your other policies, such as:
This means that you don’t have to pay for additional coverage for each of your individual policies. Personal umbrella insurance can cover any of them, typically for up to 1 million dollars per claim (or more, depending on your needs). To help you save money, GPA Insurance Agency can work with you to set up your personal umbrella policy, factoring in your specific needs to get you the best value.
Please note: This is not a stand-alone policy. A personal umbrella policy must accompany another insurance policy that you already have.
Why is personal umbrella insurance important?
Personal umbrella insurance can benefit you (and your wallet) when you want more coverage on other policies but don’t want to pay the extra costs, especially for coverages that you don’t think you’ll really need. Since personal umbrella is such a versatile policy that can apply to multiple policies at once, and it can cover your losses for almost all of your assets—from your car, house, investments and retirement accounts, checking and savings accounts—to even future income. Many people buy a personal umbrella policy to prevent the possibility of financial ruin due to one misstep or unforeseen accident.
How much umbrella coverage should you get?
Umbrella insurance typically provides up to 1 to 5 million dollars of coverage per incident/claim. You may select your coverage depending on your specific needs, considering these questions:
How much risk do you face? Consider being a homeowner or renter, traveling during your work commute. Any potential dangerous activities you may participate in could put you and those around you at risk.
What is the value of your assets? Assets such as properties, possessions, stocks, bonds, savings, and retirement funds are all assets you may want extra protection on.
What is your potential loss of future income? As a result of lawsuits, losses in current assets and future income are possible.
Keep in mind that with GPA Insurance Agency, you get to personalize your insurance policies to suit your needs and circumstances. As a brokering agency, we can compare prices from different companies for you at no cost. Need help deciding on the right amount of protection that fits in your budget? Get an online quote now or speak with a friendly agent to get started!