Insurance is protection against loss and damage. When something goes wrong, it pays cash to you. Insurance makes catastrophe less catastrophic.
Having a good insurance plan is important for your strong future, and umbrella insurance should be a part of every person’s plan for insurance.
Umbrella insurance protects the valuable things you own from lawsuits and claims from accidents you’ve caused. It protects money you haven’t earned yet, as well.
It’s why “I don’t have any money to protect” becomes a bad reason for not taking umbrella insurance. If you plan to work a job in the future, you most definitely have money to protect.
Umbrella policies protect against wage garnishment.
Wage Garnishment is when a judge orders money to be taken from a person’s paycheck until a specific debt is repaid is full.
If you’re sued for $1 million dollars, for how long would your wages have to be garnished? Years, decades, and maybe for the rest of your life.
Because they tend to cost less than $175 per year for $1 million in coverage, umbrella insurance policies are a smart, defensive play for pretty much everyone.
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An insurance claim is an official request you make to an insurance company, asking to get paid for damages. Insurance claims can be made for any reason that’s a part of your insurance policy. When you have homeowners insurance, you can make an insurance claim after a fire in your home; after there’s been theft […]