Umbrella insurance protects you above the limits of your other insurance. This type of secondary insurance from Georgia's Foundation Financial LLC proverbially sits on top of another policy, such as home or auto, to provide added liability coverage.
We live in a litigious society and the added liability coverage protects you from the massive settlements that can stem from a lawsuit. A typical auto insurance policy might provide between$ 25,000 to $50,000 of coverage if you only purchased state minimums. You could increase it, but all insurance types have top-end coverage. Once you purchase that coverage, the only way to add to it is an umbrella policy.
Umbrella costs little but protects you a lot. You can add this coverage to most types of insurance that protect a physical property type. You can add umbrella insurance to auto, business/commercial, home, motorcycle, motorhome/RV, renter’s, or toy insurance policy. Any policy type that already provides liability coverage, lets you add an umbrella policy.
As a secondary policy, your primary insurance policy liability gets paid out first. Once its payment level is exhausted, your umbrella policy pays the rest.
Let’s say your home insurance covers $250,000 worth of liability. On top of that, you purchase a $250,000 umbrella policy. A fire breaks out during the holidays, injuring you and eight family members. Everyone will be okay eventually, but the hospital bills are costly. Your home liability pays for the first $250,000 while the umbrella pays the rest. If the total medical bills cost $350,000, the home policy pays $250,000 while the umbrella pays the remaining $100,000.
Umbrella provides necessary protection to high-income individuals, businesses, home businesses, and many others. Its coverage provides for that rainy day of high costs you did not expect.
Call or email Georgia's Foundation Financial LLC to learn more about how umbrella insurance protects you. Let us help you protect your financial future.