Georgia residents have varying insurance needs that often go beyond standard minimum insurance requirements. In the event of a claim, you may be liable for property damage or injuries to a third party. While you may be covered by liability insurance through your home, auto, or other policy, it may not be enough to protect your assets. An umbrella insurance policy provides added coverage beyond your basic insurance at an affordable rate.
If you are involved in an incident that results in considerable injuries or property damage, the costs can be overwhelming. If you have significant assets, you may have a lot to lose, and if you don't have assets, you may be forced to file for bankruptcy. When a major event occurs, having an umbrella insurance policy can protect your assets and keep you afloat.
What Is Umbrella Insurance?
An umbrella insurance policy will increase the liability coverage you currently have on your home, automobile, or other liability insurance you carry. If you are responsible for a motor vehicle accident and the costs involved exceed your auto liability coverage, your umbrella insurance policy will fill in the gap and prevent you from having to cover excessive out-of-pocket liability expenses. Most financial advisers recommend purchasing as much liability insurance as you can afford to protect you from the possibility of financial ruin or bankruptcy.
Find out More about Umbrella Insurance
While umbrella insurance may not be right for everyone, most Georgia residents can benefit from the extra liability coverage it provides. At Richardson Insurance, our agents can review your current coverage amounts and liability risks to help you determine whether an umbrella policy is a good fit. For more information about your current insurance policies and coverage needs, and to find out if umbrella insurance is right for you, contact Richardson Insurance today, or use our helpful online rating tool for auto and home insurance quotes..