While most people in Tucson, Arizona have a number of different insurance policies for things like their home, their car and their businesses, among other things, many do not have umbrella insurance. There are a number of reasons for this, from the fact that many people don’t even know what umbrella insurance is, don’t think they need it or believe it to be a waste of money. Below is a helpful guide for why having umbrella insurance is important, especially through a local agent like Castillo & Associates Insurance, who serves the greater Tucson, AZ area with competitive rates.
WHAT IS UMBRELLA INSURANCE?
As it’s name suggest, umbrella insurance policies are those that fill in the gaps in homeowner’s and car insurance policies, among others, to protect against unforeseen lawsuits or details that those specific policies do not cover. This is especially important for businesses or individuals who do things that can make them vulnerable to a lot of liability, as it will ensure they will only be on the hook for their monthly payment and probably a very low deductible.
WHY SHOULD ONE HAVE UMBRELLA INSURANCE?
Having umbrella insurance and not having umbrella insurance in some situations can be the difference between a minor cost or no cost to the policy holder at all and a tremendous expenditure dealing with a lawsuit or medical or damage related bills. If you forsee yourself, your family or your business being a position where the home, auto or other aspects of your life may not be covered by a standard insurance policy, then umbrella insurance is worth every penny.
WHAT ELSE DOES IT PROTECT?
Umbrella insurance also protects your assets and investments, as well as your future earning potential. In other words, it helps to make policy holders entire financial existence much more sound.