Liability Insurance
Have you thought much about the level of liability insurance you have? If you haven't given it much thought, you aren't alone. Many people go with the minimums required to have and rarely change the coverage to give themselves more. However, inflation and rising medical costs have made many minimum-coverage policies far too small to cover today's liability needs. If you think you need more coverage, call us at Areawide Insurance Advisors in Texas for an appointment.
Umbrella Coverage
If you have the minimum coverage required, take a look at the liability sections of both your homeowners' and auto insurance policies. Both are likely fairly low, and one serious accident can wipe out that amount and leave you with a hefty price tag. Many people don't raise their coverage for auto or homeowner's insurance because it can be expensive. However, you likely need more coverage than you have. That's where umbrella insurance comes in. You can get the coverage you need without the high costs that can come with those individual policies.
Instead of replacing your existing homeowners' and auto insurance policies, umbrella insurance acts as an additional policy covering costs that go above your other policies. For instance, if there is a catastrophe, you're liable for that ends up costing more than your homeowners' insurance, the rest of it is paid out by your umbrella policy, up to its maximum. It acts as an umbrella over your existing policies so that you have far more coverage than you did before from both of those policies.
Raising Your Insurance Coverage
If you don't have much coverage in liability insurance, an umbrella policy is likely what you need. It's a cost-effective way to raise your liability coverage. If you want to talk to an insurance agent about your coverage, call us at Areawide Insurance Advisors of Texas to make an appointment with a knowledgeable agent.
