Auto insurance is required by state law; homeowners’ insurance is required by a mortgage provider, at least for the lifetime of the loan. Umbrella insurance isn’t required by any state, federal, or commercial entity, but it’s a good idea as a supplement to your existing insurance. Whether they are for automobiles, homes, businesses, recreational vehicles, or other assets, your typical insurance policies only cover so much. Should the unthinkable happen, an accident occurs and someone files a claim against you, depending on your assets, liabilities, and the severity of the incident in question, the costs could spiral over and above your standard policy limits. If that happens, you will be on the hook for paying the difference, regardless of your financial means. An umbrella policy expands your coverage limits and can protect your finances.
What is an Umbrella Policy?
Umbrella insurance is intended to be supplemental in addition to the primary coverage of your home or auto policies; you must first purchase qualifying policies for other assets before you’re eligible for umbrella insurance. Certain umbrella policies can also serve as primary insurance for losses that are not covered by your standard auto or home policy. An umbrella policy is similar to an added layer of protection.
Do You Need an Umbrella Policy?
Some features of your property, belongings, or lifestyle could impact whether or not you’d be well suited for an umbrella policy. Your exposures could vary; you should discuss the possibility of umbrella insurance with your agent if one of the following is true:
- You have a dog
- You own a pool
- You have frequent guests or parties
- You commute long distances for work
- Your commute occur during rush hour
Get Savings with Bundles & Discounts
At Smart Move Insurance, we offer an assortment of policies and some discounts are available when you bundle your umbrella insurance with other policies, such as auto insurance and homeowners’ policies. Ask your agent about what potential discounts could be applied to your umbrella insurance policy.
Contact Us for Your No Obligation Umbrella Insurance Quote
An umbrella policy from Smart Move Insurance could be a valuable addition to your auto, homeowners, or other policy. Call us today to make an appointment or visit our local office in Phoenix, AZ for a consultation with one of our experienced insurance agents. We can help you find the right umbrella coverage for your insurance needs. Contact us now to get started!