Umbrella Coverage

In an unpredictable world, safeguarding your assets and financial well-being becomes increasingly important. Having multiple layers of protection may be necessary, as standard insurance policies are typically limited in how much financial assistance they may be able to offer. As such, the additional financial protection of an umbrella insurance policy may prove to be an invaluable investment. 

What Is Umbrella Insurance? 
Umbrella insurance provides an extra layer of financial security, helping you protect your assets and future earnings. In an increasingly litigious society, umbrella insurance serves as a prudent precaution, offering enhanced protection and peace of mind. Safeguarding your assets and ensuring your financial well-being should be a top priority, and umbrella insurance can be an invaluable tool in achieving that goal. 

What Does Umbrella Insurance Cover? 
Umbrella insurance may offer broad coverage, encompassing a wide range of scenarios. It typically provides coverage for liability claims arising from bodily injury, property damage and personal injury. This means that if you are found legally responsible for causing harm to someone or damaging their property, umbrella insurance may help cover the resulting costs that exceed your primary policies’ limits. 

Moreover, umbrella insurance may extend coverage to situations not covered by other policies. For instance, if you are held accountable for libel, slander, false arrest or invasion of privacy, umbrella insurance may provide financial protection. It also may cover legal defense costs, which can quickly add up in the event of a lawsuit, even if you are ultimately found not liable. 

Do You Need Umbrella Insurance? 
Determining whether you need umbrella insurance depends on your personal circumstances and risk tolerance. However, there are several steps you should take to assess your coverage needs, including the following: 

• Evaluate your assets. If you have substantial savings, investments or valuable property, you have more at stake in the event of a lawsuit. Umbrella insurance may shield these assets from being seized to satisfy a judgment, giving you peace of mind.
• Consider your lifestyle and level of risk. If you frequently host social gatherings, own a swimming pool or have pets, you may face a higher risk of incidents that could lead to liability claims. Similarly, if you are involved in activities that increase your chances of being sued, such as coaching youth sports or serving on a nonprofit board, umbrella insurance can offer added protection.
• Review the liability limits of your existing insurance policies. While homeowners insurance, auto insurance and other standard policies provide liability coverage, their limits may not be sufficient enough to cover a catastrophic event or a large lawsuit. Umbrella insurance can fill in the gaps, providing additional coverage when your primary policies reach their limits. 

Get the Right Coverage 
With 40 years of experience serving Walnut Creek and the surrounding area, G. Carbajal Insurance Agency is well-equipped to help you understand and address your umbrella coverage needs. Our knowledgeable agents will work with you to ensure that your finances are adequately protected by an ideal policy. Contact us today to get started.