You have worked earnestly to acquire your current lifestyle, and you enjoy the peace of mind that comes from insuring each aspect of that life. What more can you do? The best answer is to discuss an umbrella insurance policy with Scottsdale Insurance.
You may feel a bit perplexed as to why you need yet another policy. You, like most Americans, have already insured your life, home, business, and automobiles. What else could there be? In “Do I Need Umbrella Insurance?” Miriam Caldwell explains that an umbrella policy is only intended for those individuals who have acquired more assets than the average person. If you were to lose a lawsuit in court, an umbrella policy would protect your savings, home, and any other properties you own. This safety-net becomes increasingly important when you consider the rather astronomical settlements that some courts are handing down . It is tragic, but one accident could void all that you have amassed throughout your life. Such a verdict would shatter your way of life, but also the lives of your family.
Depending on your situation and location, you may purchase an umbrella liability policy that will protect you for an additional 1-5 million dollars. If you were ever in the unfortunate scenario to have the liability allotments of your current policies exhausted, the umbrella policy would then stand in for the remainder, up to its limit.
We need look no farther than the news to discover examples of individuals who have been sheltered by just such added protection. The New York Times‘ article, “Umbrella Coverage for Preventing Your Ruin,” tells the story of Mr. Cox, a lawyer whose client “…crashed into the rear of a car on a slick highway. A woman and a child were critically injured. After two years of litigation, his client settled the lawsuit for more than $5 million. The client had $15 million in umbrella coverage. The policy paid for the settlement and all legal costs. “Without the umbrella,” Mr. Cox said, “they would have been completely wiped out.” While such a tale is certainly a worst case instance, it is sadly not all that rare. Accidents and misfortune happen all the time, and if you are at fault, you need to be certain that your securities are safe.
Umbrella policies, such as the one that saved Mr. Cox’s client, are not purchased as often as you might believe. Some individuals do not purchase the additional coverage simply because they do not know it exists. Others decline it because they do not realize just how inexpensive it truly is, especially when paralleled to what it might cost if something unexpected happens. Still others carry an umbrella policy but not of the adequate amount for their current personal situation. Many times a person will purchase such a policy in their younger years, not revisiting it as often as they should to make certain it matches their current needs. According to agent Charlotte Edmonston, “90 percent of them [her clients] are underinsured. Usually they were sold too little from the get-go, and their assets have grown and they never revisited the issue.
You have created a bountiful life for yourself and your family. You must be proactive to make certain that your hard-won efforts are protected today and tomorrow. Scottsdale insurance agent James Hansen appreciates your need for this security and certainty, and he celebrates that unique spirit that is Scottsdale. Please contact him today to discuss an umbrella policy for your own added protection. If you have other questions about your Arizona Insurance we can also help you with that too.