Your typical liability coverage covers you when accused of causing bodily injury or property damage to someone else. For instance, if your dog bites someone or you crash into someone else’s gate, your conventional liability coverage should cover this. Unfortunately, your car or home liability insurance can only cover you up to a certain limit. Beyond there, you have to go back to your pocket.
Luckily, if you have invested in umbrella insurance from Western Insurance Associates, it covers you when the limit of your underlying liability coverage is exhausted. But is umbrella insurance for those who have amassed wealth only? If you are curious to find out the answer, keep reading.
Is umbrella insurance for the rich and famous only?
The truth is that if you are super-wealthy, you need umbrella insurance to protect your assets. For instance, if you cause an accident, and someone notices you are famous, they may be motivated to sue to get financial compensation.
While high-net-worth individuals need umbrella insurance, it doesn’t mean you shouldn’t purchase this coverage. America is a highly litigious country, and everyone is at risk of a lawsuit. You may not be super-rich, but because you are a board member of a charity organization, you can be sued. In the US, you can be sued even for the flimsiest reasons, and that is why you need umbrella insurance on your side.
Who needs umbrella insurance the most?
The rule of thumb is that if you earn a livelihood, invest in umbrella insurance. But since some people are at more risk of being sued, umbrella insurance becomes a must-have policy ASAP. You need umbrella insurance today if you:
- Own a business
- Own a dangerous pet
- Participate in high-risk activities like arching
- Own a rental property, home, or vehicle
Need umbrella insurance in Spokane, WA? Please contact Western Insurance Associates for a policy that meets your needs.