What is Umbrella Insurance?
Umbrella insurance is an additional amount of liability insurance which can be purchased along with your basic policy protect you from claims and situations that go beyond what your regular policy would cover. Umbrella insurance policies are available for homeowners, boat, auto and commercial insurance. Umbrella insurance is important because it offers extra protection in the case of unforeseen circumstances. As an example- if you are in a major car accident and are found to be the at-fault driver, with liability coverage of $50,00 but medical and legal fees that amount to $80,000, you will be liable for the balance. If you don’t have the extra insurance to cover that additional amount and you are unable to pay, you are at risk of losing your license until you can pay off that debt. Umbrella insurance grants the extra protection that will cover bodily injuries, death, damages, lawsuits (there are limitations, it is based on the policy) and other situations that are not addressed in basic insurance policies.
Why Do I need Umbrella Insurance?
You may think to yourself, "I don’t need all that extra insurance", but the fact is that you do. Unfortunately, many insurance policy holders don’t realize how essential having extra protection is until they find themselves in a position that they hadn’t thought of. It can be as simple as a bodily injury liability claim based on having some friends over for dinner, one slips and falls in the kitchen, claims to be ok but then you find you’re being sued over some sort of injury that they sustained. Umbrella insurance often covers lawsuits that go above and beyond basic damages suits, including mental pain and suffering. It’s wise to be proactive and invest in a policy that offers guaranteed protection against circumstances beyond your control.
The friendly agents at Alliance Insurance Services can help you find the umbrella coverage you need today.
Congratulations! You’ve had your life insurance policy for a year. There is nothing that can mimic the peace of mind a life insurance policy gives you and your family. For just a few bucks each month, you know that your family will have the finances they need if they can’t count on your income each year. Now that you have life insurance, it’s important to get your policy reviewed each year. If you don’t, you may find that you are missing some of your insurance benefits.
Review Life Changes to Ensure You Have Enough Life Insurance
Although you purchased the life insurance policy that best met your financial needs a year ago, things can change. If you had a baby, purchased a home, or realized one of your children will be going to college, you may want to increase your life insurance policy. You can increase your policy at your annual review. In some situations, an increase may not warrant a medical exam.
Determine if You Can Be Re-Rated
If you were a smoker when you purchased your life insurance, and you quit shortly after, you may be eligible to have your policy re-rated. Typically, as a smoker, or someone who uses tobacco products, you will likely pay more for your life insurance than someone who is of a similar age and health status, but who doesn’t smoke. You can ask your insurance agent to resubmit your application to determine whether you qualify for a reduced rate for your monthly premiums.
Change Your Beneficiaries
Another reason you may want to review your life insurance policy is to change your beneficiaries. Many people who purchase life insurance may not have all the information they need about their beneficiaries at the time the policy is written. If you’ve forgotten to update this information, then your annual review is a great opportunity for you to change who your designated beneficiary is on your policy.
Alliance Insurance Services in Fort Collins, CO values reviewing our clients when it’s time for their annual review. In fact, we encourage all of our clients to make an appointment to speak with their insurance agent so we can help you determine if your current policy still meets your needs. You can begin the process by visiting our website to see what life insurance policies are currently available.