What Is Umbrella Insurance?
Umbrella insurance in Arkansas is a form of liability insurance that helps supplement liability that you already have on your home and auto policies. An umbrella policy will cover a much higher liability amount than other policies. It is not a standalone policy, and it will only kick into effect once you have exhausted your liability coverage on either your auto or home insurance.
Why Should You Have Umbrella Insurance?
One of the main reasons to have umbrella insurance in Van Buren, AR is to protect assets against a potential lawsuit. Liability insurance is designed to protect you from this, but if you have a lot of assets, then it’s necessary to have an umbrella policy. It’s important to think about all your assets when determining how much coverage you need. Your house, investments, retirement accounts, standard checking and savings accounts, car, and even future income can be considered assets. If you are on track in a high paying career, you could have a lot of future assets you aren’t even aware of that you will want to protect now. When you add up everything, that is a lot of money that could be exposed if you are a part of the lawsuit.
Determining How Much Umbrella Insurance You Should Have
When thinking about how much insurance you should have in Arkansas, think about your assets and the risk you may face. As a homeowner, you may face a lot of risks depending on your property. If you have a pool or a dog, you could be at an even more significant threat. If you have a long commute to work, you could be at great risk of being in an auto accident and would need some more insurance coverage. An agent at Matthew Yancey Insurance & Real Estate, Inc. can help you determine how much insurance you should carry.
Contact Matthew Yancey Insurance & Real Estate, Inc., serving Van Buren, AR, to get a quote on umbrella insurance.