Tom's Blog
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.
