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Everyone Needs an Umbrella Insurance Policy

Everyone Needs an Umbrella Insurance Policy

With all of the insurance policies you pay for every year, you probably assume that you are covered from any unfortunate incident that may happen. However, depending on the amount of liability you have for your insurance policies, you may end up paying more than you have. Investing in an umbrella policy is the best way to ensure that you are covered in any unfortunate situation.

An umbrella policy provides extra liability coverage for your home, auto, boat, and any other insurance policy that you have. It also provides protection for incidents that are not covered by your already existing insurance policies, such as libel, slander, and false arrest. The umbrella policy will also provide coverage for any rental units that you own.

Umbrella insurance policies typically provide $1 million of liability coverage, and beyond. While this may seem like more liability than you will ever need, it is probably not. Consider if you cause a car accident with another person. While your auto insurance will provide liability up to a certain point, it may not provide enough. If you crashed into a $250,000 Mercedes that was driven by a doctor, you will be left paying for the damages of the vehicle, which are probably more than the $40,000 worth of liability you have on your auto insurance liability. If the doctor is injured during the accident, you may also be held responsible for paying their lost income or medical bills. The total cost of the accident could easily reach $1 million. An umbrella policy would provide the liability coverage needed to ensure that you are not left paying that cost out of pocket, or having your wages garnished to cover the costs.

Contact the insurance professionals at Global Financial & Insurance Services located in Irving, Texas or all of your umbrella insurance needs throughout Texas. As an independent insurance agency, we can provide you with the most comprehensive insurance policies to ensure that you are covered in any situation.