I’m Not Wealthy. Do I need Umbrella Insurance?

Umbrella insurance isn’t something you hear many people talk about. It’s safe to say that there are probably many people who don’t understand what this insurance is and how it works. As a result, it’s not uncommon to find that there are a lot of misconceptions when it comes to umbrella insurance. One of those misconceptions could be the belief that people who carry this insurance are usually very rich or wealthy. However, this isn’t necessarily true. 

What Is Umbrella Insurance?

It’s easiest to explain umbrella insurance as supporting insurance. This type of insurance is not designed to be used as primary insurance. Instead, it is designed to step in after you’ve exhausted levels of coverage for your primary insurance. Most insurance agencies require you to have a primary insurance policy in place before you can purchase umbrella insurance. Plus, this insurance can’t be used or activated until your primary insurance has been applied and exhausted. The Richards Insurance Agency wants Lincoln, NE residents to understand how umbrella insurance works and ways that it might benefit their unique situation. In essence, umbrella insurance’s primary purpose is to protect your assets and financial standing from liability, defamation, and being sued. If you could stand to lose your assets or financial status as a result of being sued, umbrella insurance may be a wise investment. It’s designed for anyone who has assets they want to protect. You don’t have to be wealthy. 

Who Should Invest in Umbrella Insurance?

If you are a person who has assets to protect and you’re concerned about being sued are held liable for something that could cause financial loss or the loss of your assets, you should consider umbrella insurance. Although none of us hopes for misfortune to befall on us, it can happen. It’s better to be safe than sorry. A helpful benefit regarding this type of insurance is that you can set the limits to suit your unique situation. Not everyone will need a ten-million-dollar policy. You may be able to provide adequate protection and peace of mind with a million-dollar policy. You choose the limits based on your assets and your unique needs. We’re here to help you determine if you’d be a good candidate for this type of insurance. We’re also here to help you assess your situation and determine what the best level of coverage would be for you. Give us a call. Let us guide you through the process and answer any questions that you may have about a policy.

Dogs & Umbrella Insurance: What Homeowners Need to Know

Dogs are wonderful, loving animals that can quickly become trusted members of our family. They serve as our companions, and often, they can warn away intruders and protect us from harm. Unfortunately, dogs don’t always know the good guy from the bad. So if you’ve ever been worried about your dog nipping or biting a guest (or the dreaded delivery personnel), then it is a good idea to review your Lincoln, NE insurance policy for its policy related to dogs. Here’s what to know:

Dogs & Umbrella Insurance: What to Know

Even if you have a seemingly comprehensive homeowner’s insurance policy, you may not have coverage for medical damages and legal expenses related to a dog bite. Most homeowners’ insurance policies, including those offered by our team at Richards Insurance Agency, cover your home and personal property in the event of a theft, disaster, or similar situation. They tend to have strict limits on the financial protection for guests who are injured in your home. You may have some personal liability and medical payment coverage. Still, it is often a token amount, and generally, it will only cover situations that occur within your own home and not if you’re, for example, walking your dog down the sidewalk. 

For the best financial protection and protection for off-home and in-home biting incidents, you need umbrella insurance. Umbrella insurance is a type-of add-on policy you can get that will provide extra liability coverage and legal defense costs for situations that occur outside the scope of your general insurance policy. Given that dog-related claims now account for a whopping one-third of personal liability claims, getting this extra protection makes financial sense. 

Learn More at Richards Insurance Agency

For more information about umbrella insurance, contact our team at Richards Insurance Agency in Lincoln, NE today.