5 Reasons Why You Need an Umbrella Policy Today

We don’t like thinking of the worst-case scenarios in life. Maybe it’s because we feel we will never be subjected to a horrible accident or it’s a waste of time to worry about something that may never occur. Regardless of the reason, we should take the time to be aware of potential accidents or misfortunes and prepare accordingly.

You may already have insurance and probably think, “This doesn’t apply to me; I’m already prepared for anything to happen because I have great insurance policies!” But are you really convinced you can handle the costs of getting into an accident and having to pay out-of-pocket because your insurance policies only cover so much?

To be prepared for unforeseeable accidents and to have an extra layer of protection, you will want an umbrella insurance policy. Here are 5 huge reasons you should consider adding umbrella insurance in your life.

You Need the Protection – Imagine you get in an accident, which severely injures someone. You may have insurance, but the exposure might be above your policy coverage.  If so, you will have to pay the rest owed out of your own pocket. This is a quick and easy way to fall into financial ruin. Umbrella policies give you added protection in the event your insurance coverage becomes exhausted. Think of it as an extra safety net, which secures and protects you in the event you injure someone.

It Is Affordable – If you’re unfamiliar with umbrella policies, you might be thinking that because it covers so much and can save you from financial ruin that it must cost an exorbitant amount of money. On the contrary, umbrella insurance policies are remarkably affordable! Though prices vary everywhere, you can pay a few hundred dollars each year to ensure that you, your family, and all that you own are protected against any accidents or unforeseeable events. At such a low cost, you can’t afford to not have an umbrella policy.

Stay Up-To-Date With Increasing Costs – It’s so easy to think of items costing one set price. For example, we might be used to a can of soup costing less than 75 cents or a movie ticket cost about $5, and when we go out to get a can of soup or see the latest movie, we shake our heads at the price and remember the good ol’ days when things cost less money. In the same vein, if you do not visit with your insurance agent to review your coverage on a regular basis, you could be very surprised what a trip to the emergency room, prescriptions, or even physical therapy could cost now, making your current insurance potentially inadequate. Just as the cost of housing, wages, and medical attention have all increased in time, so, too, should your insurance coverage.

Your Young Driver Will Be Better Protected – If you had a young driver or currently have a young driver, you know how nerve-wracking it can be. Imagine your teenager driving home from class with two or three friends when suddenly they are involved in car accident because he or she failed to stop at a stop sign. Though none of the injuries are life-threatening, the total medical bills can skyrocket well past what your insurance policies will pay. One small driving mistake could hold your whole family responsible for paying for everyone’s injuries. An umbrella policy will cover you in the event that such an occurrence happens to you and your family.

It May Cover You When Your Other Policies Do Not – An umbrella does what you probably think it does – it provides coverage for events normally excluded in other policies. While we cannot promise an umbrella policy will cover you in every single situation, be aware you could experience a great deal more of coverage when you have an umbrella policy.

If you don’t have an umbrella policy and would like to give yourself a much-needed extra safety net, pick up the phone and call us today at 1-800-766-MMIC, stop in for a visit, or check us out online at www.madisonmutual.com for more information! We can help you get the best coverage for you and your family.