Umbrella insurance provides you with additional liability coverage that applies to your home, your recreational toys, your swimming pool, etc. You increase the protection afforded to you by insurance. You might not realize how the importance of this coverage increases as you age.
Without umbrella insurance, the only thing affording your coverage is your homeowner’s insurance which gets you about $100,000 of liability coverage. So, if an accident occurs at your home, such as a fire, and a guest or guests in your home gets injured, you pay out of pocket. Think how quickly $100,000 goes when it pays for medical bills, funeral costs, and the victim’s family suing you.
If that happens when you are 30, you have 35 years to continue earning to make up for the money you have to pay out of pocket. That money is not going into your individual retirement account (IRA). On the other hand, if you are 65 when it happens, you just retired or were getting ready to do so, but now you have this massive court settlement to pay off. That means liquidating stocks or cleaning out part of your IRAs.
However, if you have umbrella insurance from Nest Insurance Agency serving Amarillo, TX, regardless of the age you are when the accident happens, you have coverage. Your umbrella policy pays for the settlement, the medical bills, everything once your liability from your home insurance policy is exhausted.
As you age, protecting your retirement savings increases in importance. You need to be able to withstand any liability while protecting your financial future. Let Nest Insurance Agency of Amarillo, TX help you protect your retirement nest egg with umbrella insurance.
