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Your homeowner’s insurance and your auto insurance policies cover a variety of liability issues. However, these policies may not be able to protect you in the event of a lawsuit and a subsequent monetary judgment. If you own a small business or have significant wealth in various assets, you’ll want to protect yourself with a good umbrella policy. Having one can protect you and your assets from steep legal expenses.
Purchasing the best umbrella insurance policy can seem like a tough task, but if you know what you’re looking for in a policy, finding one that works best for your needs becomes much easier.
- Requirements – Since it’s often utilized as a supplementary form of insurance, umbrella policies may have underlying requirements, which can include having a certain amount of coverage on your homeowner’s policy or your automobile insurance. In order to make these requirements, you may wind up paying more on these policies.
- Coverage Amounts – Ideally, buyers should purchase at least $1 million of coverage. This will help cover most lawsuits, excess medical coverage to injured parties and extenuating damages from accidents.
- Exclusionary language – Most policies are clear on what they don’t cover. For instance, many umbrella policies exclude high-risk activities, criminal behavior, recreational motor vehicles and damage to your own home and vehicles from their coverage. It is important to read the fine print before settling on an insurance policy.
- Discounts – If you can find ways to reduce your overall cost, don’t hesitate to take advantage. Various ways of saving on insurance costs include consolidating existing policies with one carrier and comparing plans with different companies.
If you’re still having a hard time finding umbrella insurance in Lakewood, Colorado, you should turn to a local independent agent for expert advice.