Umbrella Insurance: Extra Protection for a Rainy Day

May is known for its unpredictable weather, and just like sudden rainstorms, life can throw unexpected events your way. That’s why many people turn to umbrella insurance coverage—an extra layer of financial protection that goes beyond your standard home, auto, or renters insurance policies. At Paramount Insurance Agency, we believe peace of mind should be part of every plan.

What Is Umbrella Insurance?

Umbrella insurance is a type of liability coverage that kicks in when your underlying insurance (like home or auto) reaches its limit. It helps protect your finances in the event of large claims or lawsuits that would otherwise leave you responsible for out-of-pocket costs.

Real-Life Examples of When You Might Need It

• Auto Accident: You cause a serious multi-car accident with damages that exceed your auto liability limits.
• Injury on Property: A guest is injured at your home and sues for medical expenses and damages beyond your homeowners policy.
• Lawsuits: You’re held liable for defamation, libel, or slander and face costly legal fees.

In these scenarios, umbrella insurance can help cover the excess costs—potentially saving your savings, assets, or even your home.

Who Should Consider Umbrella Insurance?

While umbrella policies are often associated with high-net-worth individuals, they’re a smart move for many people. You should consider this extra coverage if you:

• Own a home or rental property
• Have a teen driver in the household
• Host guests or gatherings often
• Own a boat, pool, trampoline, or dog
• Want extra peace of mind

How Much Coverage Do You Need?

Umbrella insurance is typically sold in increments of $1 million. The right amount depends on your assets, risks, and comfort level. Our agents at Paramount Insurance Agency can help assess your situation and recommend a coverage limit that makes sense for you.

Affordable, Flexible, and Worth It

Umbrella insurance is surprisingly affordable for the protection it offers—often just a few hundred dollars a year for $1 million in coverage. It’s a small investment that can make a huge difference if the unexpected happens.

Stay Protected with Paramount Insurance Agency

Rain or shine, Paramount Insurance Agency is here to help you prepare for life’s uncertainties. Reach out today to learn more about umbrella insurance coverage and how it can complement your current policies.

Want a second opinion on your insurance coverage? Contact us at 336-869-3335 for a free review and quote.

The post Umbrella Insurance: Extra Protection for a Rainy Day appeared first on Paramount Insurance Agency.

While your teen may be the exception, due to inexperience and immaturity teen drivers are involved in more accidents and those accidents are more costly than any other category of drivers.

Teen Drivers Are Five Times More Likely to Cause an Accident Than Experienced Drivers

You may already be familiar with this fact since it is the reason the premiums for teen drivers are so much higher than other drivers. Insurance is all about protecting both parties from risk; the higher the risk factors the higher the insurance premiums.

I recently spoke with a friend who is a parent of two teenage boys about whether they had an umbrella policy. He told me he thought it would be too expensive. My reaction was “Compared to what?”

When evaluating the need for a personal liability umbrella policy, you should first consider what assets you might lose if you or your teen are responsible for an accident that kills or injures others. Too many insurance consumers assume that the coverage amounts on their car insurance policies will be sufficient to cover any liabilities. But in the case of death or permanent debilitating injuries, those amounts are rarely enough.

Without sufficient liability insurance you could be forced to either sell property you own, deplete your investments or savings or satisfy judgments against you over time through a draft on your future earnings. You owe it to yourself and your family to explore the cost of a personal liability umbrella policy that would protect all of you if this type of life altering event occurs.

Personal Liability Umbrella policies are surprisingly reasonable given the protection they provide. I consider it the “sleep better at night knowing my assets are protected” policy!

Call us today to discuss your family’s needs and how we can help you get peace of mind knowing your covered.

Thank you for your business and referrals!

Tom

PS We’re always here for you if you have any questions about how you are protected. Feel free to give us a call at 866-869-3335.

The post Got a Teen Driver? You Need a Personal Liability Umbrella. appeared first on Paramount Insurance Agency.