Have you been thinking about getting an umbrella policy? Have you been asking yourself, why do I need an umbrella policy? If either of these is correct or if you’re just curious about what an umbrella policy is and what it does, then hopefully, you will find your answer here. If you live in West Bloomfield, MI, or the surrounding area, you can turn to the staff at Agency Advantage Insurance to provide the guidance that you need to make an educated decision. 

An umbrella policy is an excess liability policy that can be used to help you in case you are sued. In order to buy an umbrella policy, you must already have an auto, business liability, home, or boat insurance policy. It is additional coverage; it can only be in addition to a policy you already have. Most basic liability policies have adequate limits, but you should consider the amount of money that is awarded in judgments these days. It could mean that you might exceed the maximum on your policy. 

If you have any assets or if you have a lot of assets, you could be in danger of losing them. If you do not have enough assets to pay a judgment against you, your future earnings and assets could be garnished. If you have an umbrella policy, it will kick in when you have reached the maximum of your original policy. This can protect your current and future assets. Considering that an umbrella policy is very affordable, not having one is something that can leave you devastated. 

Why not give Agency Advantage Insurance a call to discuss why you need an umbrella policy. We are here to help the residents of West Bloomfield, MI, and those throughout the state. Give our office a call or stop by for a discussion of your personal needs.