An Arizona umbrella insurance policy is often one of the last insurance policies a person buys. It often is used by those who in a good financial position as a way to protect their assets.
What is umbrella insurance?
If you own a home that homeowner policy includes liability insurance. It covers you in case someone is injured on your property and the deem you responsible. A liability claim against you will be handled by your insurance carrier.
An umbrella policy is like an extended liability policy – extending coverage for you above and beyond the protections afforded to you by your auto insurance policy and your homeowner insurance policy.
The minimum umbrella coverage I have seen is $500,000 but the most commonly purchase policy is for one million. The cost is relatively inexpensive too. I’ve seen these cost only a few hundred dollars. The cost will vary on different factors but common items included in the premium is the number of homes you own, number of vehicles you own, how many children, how many toys such as ATV’s, boats, motorcycles, etc.
How does an Arizona Umbrella Insurance Quote benefit you?
An insurance umbrella policy extends coverage over and above your auto and home policies. These would be what are considered catastrophic type claims. Take an auto accident, for example. If you killed another person while driving your vehicle it is possible your auto policy limits would be insufficient to cover such a dramatic claim, especially when you consider many driver’s only carry $25,000 or $50,000 bodily injury coverage. Why? If you kill or disable that person his/her family can sue for the loss of that person’s financial value or worth. What would happen in such a situation? More than likely, you would personally be sued. If found liable, the adverse party might win a judgement against your assets and future earnings. Not many people can afford to give up 25% of their income. An Arizona umbrella insurance policy would serve to protect your income and assets. The same would hold true in the event of a homeowner’s claim where you were found liable.
Get an Umbrella Insurance Quote today!