There are so many types of insurance policies available today, sometimes it is hard to keep them all straight. Insurance, though, is essentially about protection, and umbrella insurance is one insurance product that is all about protecting you and your family on all fronts. At The Slocum Agency Inc, serving Warwick, RI, we are all about providing you with the best insurance information so that you can make the best insurance choices. Keep reading to find out what you need to know about umbrella insurance.
What is Umbrella Insurance?
Umbrella insurance policies are a type of policy you can purchase which will add additional protection to you and your family above and beyond your current policies. Many people forget that their insurance policies have limitations. Whether you are talking about health insurance, auto insurance or home insurance all of these policies will have limits as to how much they will pay out in an event. If you incur expenses beyond this amount you will be financially responsible. This responsibility could leave you and your family financially vulnerable. In order to avoid this, you can purchase an umbrella policy. This policy will kick in should your other policies become exhausted.
Who Should Purchase Umbrella Insurance?
Anyone can benefit from this additional protection. Families with substantial income and assets, though, may find an umbrella policy more of a necessity in order to protect their income and assets from liability cases. Individuals who are involved in highly dangerous occupations or occupations with a high risk of liability will also benefit greatly from these types of policies. To better understand if you need an umbrella policy, you can sit down with an insurance representative to discuss your particular situation.
If you would like to learn more about umbrella insurance, please call our staff today at The Slocum Agency Inc. serving Warwick, RI.