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Whenever you want any kind of insurance, you just don’t wake up and head to the market to purchase coverage. Having information beforehand helps you get an insurance plan covering your current needs. So, when buying umbrella insurance in Croton Falls, NY, you need to do basic research to make an informed decision. At Carminucci Agency, we like seeing our clients make correct decisions on matters concerning their finances by giving them all the information they need.
Here are things you should have in mind before heading to the market to look for umbrella insurance.
4 Things To Consider For Umbrella Insurance
- Consider the value of your assets: Umbrella insurance takes over when the underlying coverage has been exhausted. Your assets could be on the line without umbrella insurance when your conventional liability coverage runs out. Consider umbrella insurance that covers your net worth. If a lawsuit isn’t ruled in your favor, this could be the amount you stand to lose.
- Your likelihood of being sued: In the litigious society we live in, we are all at risk of being sued. However, some people are likely to face a lawsuit more than others. For instance, if you are a high-net-worth individual, own a business, have a dangerous dog, or chair a charity organization, you are at high risk of being sued. So, considering umbrella insurance should be a priority for you.
- Consider your future income: If a lawsuit isn’t ruled in your favor, your future income could be lost if you don’t have sufficient coverage to cover the settlement claims. Purchase umbrella insurance that protects your future earning potential.
- Know what it covers: Most people assume that umbrella insurance covers all their risks— perhaps because of the name “umbrella.” The reality is umbrella insurance is liability insurance that covers you when others accuse you of bodily injury and property damage.
Want to make the right decision when purchasing umbrella insurance? Always consult Carminucci Agency in Croton Falls, NY. Let us be your home for all your insurance matters.