When you think of insurance, you likely think of auto insurance, homeowners insurance, and health insurance. These are all very important, and if you don’t have any one of them, you should speak to an insurance expert right away. But have you ever considered the importance of a Philadelphia Umbrella Insurance policy? Don’t underestimate the value of umbrella coverage.
“Do I Need a Philadelphia Umbrella Insurance Policy?”
No one wants to pay more costs than they need to. So when some people hear about Philadelphia umbrella insurance, they assume it’s just an unnecessary extra expense. But quite the contrary; Philadelphia umbrella insurance helps protect you from having to pay what your other insurance policies don’t cover.
Your homeowners and auto insurance policies will offer you standard liability coverage if you are sued, paying a certain amount of money towards judgments entered against you and attorney’s fees. But what happens when you reach the limit on the underlying liability coverage, and there’s still thousands or hundreds of thousands (or millions!) that need to be paid? That’s where Philadelphia umbrella insurance comes in.
Still on the fence about whether to get umbrella insurance? Here are a few reasons why you should purchase Philadelphia umbrella insurance immediately:
- As one of the lowest cost insurance policies available, you can buy a $1 million personal umbrella liability policy for about $150 to $300 a year. This is nothing compared to the protection it provides if you need it one day.
- Umbrella insurance protects you against worst case scenarios. No one plans for catastrophic events, but if they do occur, are you financially prepared?
- You might have to bundle all of your policies with one carrier in order to be eligible for umbrella policy. This could be to your benefit because you might then qualify for a multiply policy discount, which could offset the cost of the umbrella policy!
- You are surrounded by more liability risks than you realize!
- Your umbrella insurance policy will cover the costs of your legal defense in most cases, regardless of fault. This would not normally be covered by your standard liability coverage from your other policies.
Contact Insurance Shops Today To Learn More
If you’re like most, you hope to limit your monthly costs. Adding an extra insurance policy doesn’t seem like the way to do it. But financially savvy people know that paying a little now could save you save you a tremendous amount of money in the future, especially in this day and age when law suits are plentiful.
Contact one of our friendly professionals at Insurance Shops to learn more about Philadelphia umbrella insurance.
