Sometimes, the policy you choose does not cover everything you need. You might be covered for most of the issues that may arise in your life. However, unforeseen events could leave you liable when you never thought you would be.
The solution to this dilemma could be umbrella insurance. This is a form of liability coverage that offers protection from a major claim or lawsuit. It is the type of coverage that you hope you will never need. However, if you do need it, the coverage could spare you from expenses that might otherwise wipe out your savings. The team at TSG Insurance knows that many of our customers cannot afford to pay for major claims. Thus, we are always happy to help you explore options such as umbrella coverage.
The Top Advantages of Umbrella Insurance
If you are wondering whether getting umbrella insurance is a worthwhile investment, here are some of the top reasons people buy this coverage:
• Lawsuit Coverage: If you are liable in the case of a major lawsuit, your umbrella coverage could save you from financial devastation. Your liability coverage as a driver or homeowner may only cover so much. What if the damages are $1 million or more? Your umbrella policy would take over where the limits of your other policy end, and that could be a financial lifesaver in a high-dollar lawsuit.
• Affordability: Umbrella insurance is relatively affordable, so you will probably not even notice the impact to your finances. If you pay a couple hundred dollars a year to cover $1 million in liability, you will certainly be grateful if you need to file a claim for that considerable amount.
• Defense Costs: People do not always factor in defense costs when they think about lawsuits, but you will be liable for those once your policy liability limits have been reached. An umbrella policy can be crafted to cover your defense costs once your regular policy limits are expended.
• Asset Protection: If you are liable for damages that exceed your policy’s liability limits, you must pay the remainder yourself. If you cannot afford to pay for these damages, the court might be able to extract the balance due from your personal assets and property.
Talk to a TSG Insurance Advisor About Umbrella Insurance Coverage
If you are interested in learning more about insurance services such as umbrella coverage, the Alberta insurance brokers at TSG Insurance can provide you with solutions. We pride ourselves on providing exceptional customer service to our clients. We want to help you get the best rates possible, so you may always have the coverage you need.
Reach us online, and we will contact you as soon as possible. Also, please feel free to call us toll-free at 800-830-9423. We are delighted to assist our customers in exploring insurance quotes and policies. Do not hesitate to book an appointment at one of our convenient locations in Calgary, Brooks, Medicine Hat, Edmonton, or Bassano.