Umbrella insurance covers you when you are held liable for more than what your insurance covers. It is usually the very wealthy who need protection because some lawsuits can get into several millions of dollars in damages. AW Burchell Agency Inc in New York explains that this type of coverage could also be good for retirees who may not have a large fortune saved up.
How does umbrella insurance work?
Umbrella insurance is for those cases where you are held liable for major damages, usually more than $1 million. If someone is hurt at your home, and you have a $300,000 limit on your policy, that is all that will be paid. If you get sued for $1 million and lose, you will have to pay $700,000 yourself if you do not have an umbrella policy. It also covers things like defamation, libel, and other legal settlements.
How does this coverage benefit retirees?
Many retirees have some money saved up for retirement. They are not millionaires but have enough to see them through their golden years, along with any government check they may get. Millionaires may get an umbrella policy to protect their millions, but retirees may also need to protect what they have with an umbrella policy. If you are a retiree and lose your savings due to a lawsuit, you will find it very hard to recover. An umbrella policy would save you in that situation. Someone getting hurt on your property or you causing a car accident could wipe out your savings if you do not have an umbrella to protect you.
Give Us A Call!
Call the AW Burchell Agency to discuss your insurance needs in New York. Regardless of how big or small your retirement savings are, you owe it to yourself to make sure that they are protected.