How an Umbrella Policy Helps Those with Large Assets
Have you ever stopped to think about what would happen if you were to cause a car accident that resulted in several serious injuries for others? What about if your dog bits someone out of self-defense, and the individual sues you? Although these situations are unpleasant to think about, it’s worth considering what you would do to protect yourself. Those two scenarios highlight the importance of umbrella insurance, particularly for high-net-worth individuals.
In this litigious society, everyone should think about what they would do if the worst should happen. The wealthy must protect their assets from costly lawsuits and related situations that threaten their assets. A critical component of asset protection is umbrella insurance for high-net-worth living.
An umbrella policy, commonly called an excess liability policy, steps in to help when you have exhausted all other liability policies, such as your car, home, watercraft, and other insurance policies. For example, if you were in a car accident and are being sued for $1 million and your car policy will only cover $300,000 of it, your umbrella policy could potentially pick up the rest.
High-net-worth individuals have a lot on the line to lose. That is why an umbrella policy is so vital for these people that rely on adequate coverage. If you’re unsure how much coverage you should purchase to properly protect your assets, consult with your trusted insurance agent.
At Nahai Insurance Services, we want to ensure the safety of your assets. Out specialty coverage for high-net-worth individuals seeks to safeguard your precious properties to give you peace of mind with adequate coverage. Contact us today to get started on your umbrella insurance policy!