You’ve worked hard to earn your assets, and you’ve invested in insurance policies to keep them protected. The Insurance Connection of Deschutes offers umbrella insurance that adds extra liability coverage to the policies you already have to provide another layer of financial protection for your family and your assets.
Umbrella insurance is extra liability insurance designed to protect you from liability claims that exceed the existing limits on your policies. Also known as personal excess liability insurance, this secondary policy only kicks in when primary policies have been exhausted. It may also provide liability coverage for your rental properties and in lawsuits involving libel, slander, and false arrest.
Most of us don’t start out with the assets we own today. It takes many years of hard work to own a home, nice vehicles, and develop a retirement savings account. You’ve invested in these things to provide your family with financial security. But accidents happen, and without enough insurance, those things you’ve worked so hard for could be at risk. Umbrella insurance is an inexpensive way to protect your family’s assets and financial future when your primary policy limits aren’t enough. For example, if your teenager caused a severe auto accident, the limit on your auto insurance may not be high enough to cover all the damages. If that happens the courts may decide that you need to liquidate your rental properties or business in order to help pay the rest of the damage settlement. This could spell financial ruin for any of us, no matter how well we have planned. An umbrella can prevent this by kicking in with another 1M-10M in coverage for damages so the courts can’t reach your assets.
Even if you have solid insurance policies, their coverage might not be enough. If you’re liable for damages to someone else or their property, your insurance company will only pay out up to your coverage limits. You could be on the hook for anything you owe beyond that amount. In short most agents will encourage a client who meets one or both of the following qualifications of being either high risk, (having inexperienced drivers in the household for example) or high asset, (owning real estate, a business, large savings or cash holdings etc). Many may not realize but your income potential could be considered an asset. So for example let's say we have a husband, wife and teenager in a household together. The husband is a police officer and the mother is a teacher for example. They may not be high asset in the classic sense but they are high risk due to an inexperienced driver in the household. If that teenage driver causes a substantial claim beyond the limits of their auto insurance policy which are often as low as $100,000 or less. The courts could garnish the wages of the parents for the difference in damages between their policy limit and settlement. An umbrella policy could prevent this.
The Insurance Connection of Deschutes is a fee-free, independent insurance agency. That means you have nothing to lose in shopping with us for umbrella insurance. Our agents, who live and work in Central Oregon, will consult with you to learn about your existing coverage and help you determine what kind of umbrella policies you need. Then, we’ll shop on your behalf with more than 30 major insurance carriers across the country, presenting you with only the options that meet your specific coverage needs and budget. We also help you understand the ins and outs of each policy, including the limit, so you can feel confident in your coverage decision. Get a free online quote today or call The Insurance Connection of Deschutes at 541-389-1485 to learn more about umbrella insurance.