Building wealth and accumulating assets takes years of hard work and careful planning, but a single lawsuit could wipe out everything you’ve worked for in a matter of months. Many people believe their standard auto and homeowners insurance provides adequate protection, but these policies often fall short when facing serious liability claims. Sump Insurance, serving Clarinda, IA, helps clients understand how personal umbrella policies protect their accumulated wealth and future earnings.
Understanding Your Coverage Gaps
Most standard insurance policies provide between $250,000 and $500,000 in liability coverage, which sounds substantial until you consider today’s lawsuit settlements. Medical bills for serious injuries can easily exceed $1 million, and if you’re found responsible for a multicar accident or someone suffers a permanent disability on your property, the financial consequences can be devastating. Without umbrella coverage, your personal assets, including savings accounts, investment portfolios, and even future wages become vulnerable to satisfy judgment claims.
Affordable Protection for Major Assets
Personal umbrella policies typically start at around $1 million in coverage for a surprisingly low annual premium, often less than $300 per year. This coverage extends beyond your home and auto policies, protecting you from various liability situations, including libel, slander, and accidents that occur away from your property. The policy also covers legal defense costs, which can be substantial even when you’re not at fault.
Securing Your Financial Future
Don’t let a moment of misfortune destroy decades of financial progress. Personal umbrella insurance provides peace of mind that allows you to enjoy your lifestyle without worrying about potential lawsuits. Contact Sump Insurance, serving Clarinda, IA, to evaluate your current coverage limits and discover how affordable comprehensive protection can be for your specific situation.
