Umbrella insurance, a secondary type of policy, offers you additional liability coverage that you can add to any primary policy that DGIA - Daniel Gutschewski Insurance Agency offers. In Texas, courts often award large settlements in tortious cases. That means if you caused an accident, the court could rule for those you harmed and grant them a large amount of money.
While every home insurance policy includes some liability coverage, and every auto insurance policy does, these policy maximums may not cover the entire settlement. Umbrella policies cover high dollar amounts for small premiums.
Once you purchase a primary policy of any type – auto, home, motorcycle, boat, or commercial liability – you can add an umbrella policy. If an event occurs that incurs liability on your part, your primary policy gets applied to the settlement first. Suppose an auto accident occurs, and you’re liable for the injured person’s $200,000 hospital bill. Your auto policy only covers $75,000 of liability. You carry a half-a-million-dollar umbrella policy, though. Once the auto insurance policy pays out, the umbrella covers the rest of the settlement. Without umbrella insurance, you would need to pay the rest of the settlement out of pocket.
As you age and inch toward retirement, the protection that umbrella policies offer increases in importance. That’s because, without umbrella coverage, you would need to pull funds from your investments and retirement accounts to cover the settlement. You’d have less time to re-earn that money to bring your retirement fund back up to the proper balance.
Umbrella insurance protects your financial future by offering additional liability coverage. Contact DGIA - Daniel Gutschewski Insurance Agency of Round Rock, TX for umbrella insurance to protect you and your finances.
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