Many people only think about the minimum coverage they need as required by Utah state law or a lender. They purchase their car and home insurance and never give it another thought – until it’s time to file a claim. Expenses can easily add up to more than your insurance coverage, and you may be held liable if you’re found to be at fault. A personal umbrella policy can take care of anything you owe beyond what your insurance policy covers. At ASA Insurance, we can help you determine how much additional coverage you need for your peace of mind.
What is a Personal Umbrella Policy?
A personal umbrella insurance policy provides additional coverage in the event of a major accident. For example, it can cover the medical expenses and other costs from a car accident over what your auto insurance pays. You may have 50,000 in liability and the other party sues you for $500,000. Your auto insurance would pay up to $50,000 and you would be responsible for the rest – unless you have a personal umbrella policy.
What Happens If You Don’t Have This Coverage?
If you’re sued for more than your insurance covers, you may have to liquidate your personal assets to pay the difference. You might even have it taken out of your wages to compensate the other party. A serious injury can result in long-term and expensive medical care, which can quickly add up in cost to hundreds of thousands of dollars.
Protect yourself with a personal umbrella policy from ASA Insurance. It helps protect your personal assets, investments and income for the future if an accident should occur.
Who Needs Coverage?
A common misconception about a personal umbrella is that you only need it if you’re a millionaire. The truth is anyone can benefit from this additional coverage if they have any assets at all. You’ll want the added protection if you own your home, have investments in CDs, stocks or bonds or retirement accounts. This policy protects you and your family from a major claim or lawsuit.
ASA Insurance can help you find an affordable policy with the amount of coverage that’s best for your situation. Contact ASA Insurance at 801-486-7463 to find a personal umbrella policy that gives you peace of mind.