2 Important Umbrella Insurance Myths
While insurance is a complex topic, it is essential to be educated about the various types of policies and coverage available, its uses, benefits, and drawbacks. There is a great deal of misinformation on the Internet, making it difficult to recognize the truth from the myth. So let's review 2 of the most common myths around Umbrella Insurance.
Myth 1: Umbrella premiums are too expensive.
You may be surprised at how affordable umbrella insurance actually is. For payments as economical as $14 each month, you can typically add $1 million or more of safety liability coverage. The price depends on personal risk factors such as the number of homes, cars, trucks and recreational vehicles you own, as well as the driving experience of each operator. However, premiums rarely surpass $200 per year for $1 million worth of insurance coverage and the peace of mind that comes with it.
Myth 2: Only the rich need umbrella insurance.
Not the case. Umbrella insurance is just as crucial for low and middle-income individuals and families as it is for the wealthy especially if you own any assets that value more than your current liability limits. Nowadays, just about anyone can face a liability lawsuit if they are responsible for someone else’s loss, injury, or death. However, a regular insurance policy will not always cover the amount of money for which they are sued. While wealthier people may be able to pay the out-of-pocket expense, others, like you and I, cannot. Umbrella insurance provides that additional layer of protection, beyond the limits on your homeowners, renters, and auto policies.
Now you know the truth, and these misconceptions regarding umbrella insurance have been clarified. Protect the assets that you have worked your whole life to accumulate with an Umbrella Insurance policy. If you have any questions or want to discuss further, give Miller Family Insurance a call at 330-652-2700.