Is umbrella insurance just for the wealthy

Umbrella insurance is a much-misunderstood form of insurance. Many people think that it is just for the wealthy. Nothing could be farther from the truth. If you are a homeowner, a driver, or own a business, you are vulnerable to having legal action taken against you. With legal suits running into the millions, it is not hard to imagine that you could be damaged forever by just one such suit. At American Founders Insurance Group Inc., we offer valuable services to the residents of Tulsa, OK and the surrounding area and we would be happy to discuss the benefits of umbrella insurance with you. 

When you are held responsible in an accident, be it in your car, your business, or your home, it will fall to the liability on your insurance policies to cover that judgment. If the judgment goes beyond the limits of your policy, which these days is very likely to happen, you would be responsible to pay the remainder out of pocket. If you don’t currently have the money or assets to cover the judgment, your future earnings could be garnished. With a large judgment, this could affect your financial situation for years to come.

If you had an umbrella policy, it is an additional layer of liability coverage above and beyond the limits of your policy. In most cases, the extra liability coverage is between one and five million dollars. Given the amounts that judgments can reach, this makes a lot more sense in the world that we live in today. The answer to the question, "is umbrella insurance just for the wealthy?," is no, it is for anyone who has any assets at all. 

In Tulsa, OK, American Founders Insurance Group Inc. can answer any questions you may have about the value of umbrella insurance to you and your business, if you own one. Give us a call or stop by our office and let our experienced staff help you to find the insurance coverage you need.