Category: Umbrella Insurance

Understanding Umbrella Insurance: What Assets Can Be Covered

If you’re contemplating adding umbrella insurance to your home or business property, it’s crucial to understand precisely what assets can be used to cover expenses so you can protect them. Below are the different assets you can cover.

Bank Accounts

When deciding how much to get, include all your checking, savings, or investment accounts with banks or local financial companies in the insurance policy. The amounts in these accounts can be frozen. If you have accounts at multiple banks, ensure they all receive coverage on your umbrella insurance policy.

Real Estate

Whether you own a home, multiple properties, or farmland, these assets can be frozen and sold to cover any expenses incurred from a court case. Properties in which you have partial ownership should also be included. If you don’t use the property or even if it appears abandoned, include it. The value of these properties should reflect the amount of your policy that covers them.

Vehicles

The vehicles you use for daily commutes, family use, or leisure, like sports cars, are considered assets. This also includes collector vehicles that may not even be on the property.

Future Income

Despite your current income, consider putting aside money in the umbrella insurance policy to cover future earnings. Some settlements might require future payments, and your potential future income can be used to settle the debt.

When building an umbrella insurance policy, it’s important to include anything of value that can be sold. If you have additional property you are unsure about or have general questions, our team at Steiner Insurance Group is here to assist. We proudly serve residents in the area surrounding Nashville, NC.

People who understand what umbrella insurance is and does know that wealth isn’t required for umbrella insurance. At Steiner Insurance Group in Nashville, NC, we are an independent agency with the answers you need to make an educated decision. We provide more choices from the multiple carriers that we can offer to our customers. 

The name umbrella insurance describes how the insurance protects you. Think of umbrella insurance as a natural umbrella, and you are your assets. As your umbrella protects you from the rain, your umbrella policy protects you from the perils that could damage your financial situation. 

Umbrella insurance is extra liability coverage that you can add to another insurance policy with liability coverage. Umbrella insurance is not a stand-alone policy; it raises the liability limit on your primary policy. Many policies have liability coverage, such as home, auto, boat condo, rental, and motorcycle insurance. 

When there is an accident, and you are responsible, or you or a family member injures someone, there can be a lot of costs involved. Your liability coverage on your primary policy will pay up to its limit, and then the umbrella policy will kick in. It can pay for medical expenses, property damage, legal fees, and a judgment against you. Most umbrella policies begin at around a million dollars. 

No matter what your assets are like, small or large, you can still benefit from an umbrella policy. You don’t have to be wealthy to need umbrella insurance; it protects anyone with any amount of wealth. 

At Steiner Insurance Group in Nashville, NC, we are here to help you decide if umbrella insurance is right for you. Give us a call to make an appointment today. 

Home and auto insurance are essential components of financial protection for many individuals and families in the Nashville, NC area. However, there are situations where the liability coverage provided by these standard policies may not be enough. That’s when you need supplemental help from your insurance provider.  

Why Umbrella Insurance Is Valuable 

The reasons are as follows:

1. Increased Liability Limits: Umbrella insurance significantly boosts your liability coverage. If a claim or lawsuit exceeds the limits of your primary policies, your umbrella policy steps in to cover the excess amount, protecting your assets.
2. Broader Coverage: Umbrella insurance covers many liability situations that may not be included in your home or auto insurance policies. This includes incidents like slander, libel, false arrest, and more.
3. Peace of Mind: Knowing that you have an additional layer of protection provides peace of mind. You won’t have to worry as much about a lawsuit or claim depleting your savings or assets.

What Umbrella Insurance Covers

Umbrella insurance provides coverage for various liability situations that pop up unexpectedly, including:

• Auto Accidents: If you are involved in a severe accident where the damages and injuries exceed your auto insurance limits, your umbrella policy can cover the excess.
• Home Incidents: If someone is injured on your property and their medical bills exceed your home insurance limits, umbrella insurance can provide additional coverage.
• Legal Fees: Umbrella insurance covers legal expenses, such as attorney fees and court costs, which quickly add up in the event of a lawsuit.
• Personal Liability: It protects you from personal liability claims, including those related to defamation, invasion of privacy, or false arrest.

Steiner Insurance Group Can Help You

At Steiner Insurance Group, we can help answer questions concerning umbrella insurance. We serve the Nashville, NC area. Contact us today. 

More and more insurance agents are recommending individuals purchase umbrella insurance. However, umbrella insurance is not a product that many consumers are familiar with, nor do they fully understand the benefits associated with this product. Here at Steiner Insurance Group, serving the greater Nashville, NC area, we want to help you better understand more about umbrella insurance and how it can benefit you. 

What Is Umbrella Insurance? 

Umbrella insurance is a supplemental insurance product that is designed to be used in the event you max out the policy limits associated with various types of insurance products, including auto insurance, home insurance, or commercial insurance. For example, if you are involved in a major accident, and your auto insurance policy is not high enough to cover the damage, the other party can personally sue you for the remaining balance. Umbrella insurance would kick in, helping to protect your assets and cover the remaining costs associated with the accident. 

Who Can Benefit From Umbrella Insurance?

Anyone who has assets that they wish to protect can benefit from an umbrella insurance policy. An umbrella insurance policy helps to protect your assets, including your home, bank account, and income, from being garnished or taken, in the event you are sued due to not having enough insurance coverage to cover a catastrophic event. An umbrella policy helps to further protect you in the event the unexpected happens. 

Give Us A Call

Umbrella insurance helps to supplement the policy limits on various insurance types, including auto insurance, home insurance, and commercial insurance. If you are looking to protect your assets, purchasing umbrella insurance can be beneficial. If you are looking to learn more about umbrella insurance or are ready to purchase a policy in the greater Nashville NC area, reach out to the Steiner Insurance Group today. 

Do you have enough insurance to protect yourself, your family, or your business? If not, you may want to consider purchasing umbrella insurance. Umbrella insurance is a type of supplemental insurance that provides additional protection if your regular policies are not enough. Consult with Steiner Insurance Group in Nashville, NC  for expert insurance advice. Here we discuss what umbrella insurance is and how it can benefit you.

Some tips on how to choose the right policy for your needs:

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance that provides additional coverage if damages exceed the limits of other policies. For example, if you have homeowners insurance and someone slips and falls on your property, your homeowner’s policy will likely cover the damages up to a certain amount. However, if the damages exceed that amount, umbrella insurance will provide additional coverage.

Umbrella insurance is not mandatory, but it’s a great idea to purchase a policy if you have assets and investments that may be at risk in the event of a lawsuit. For example, if you own a home or have a significant amount of savings, umbrella insurance can help protect those assets if you are sued.

How Can Umbrella Insurance Benefit You?

Imagine this scenario: you’re driving home from work one evening, when you get into a horrific car accident. The other motorist is at fault, but they don’t have enough coverage to pay for the damages. As a result, you’re left with a huge medical bill and a long road to recovery. If you had umbrella insurance, however, you would be protected against this type of financial disaster.

Umbrella insurance is a crucial safety net to have in place in case of an accident or other catastrophic event. It can help you avoid financial ruin and provide peace of mind in knowing that you and your assets are protected.

Tips for Choosing an Umbrella Insurance Policy

Now that we’ve answered the question, "What is umbrella insurance?" let’s look at some tips on choosing the right policy for your needs. When choosing an umbrella insurance policy, it’s essential to consider the following:

• The amount of coverage you need: How much coverage do you need? This will depend on the value of your assets, as well as your risk exposure.
• The type of coverage you need: There are two types of umbrella insurance policies: personal and commercial. Personal umbrella insurance policies are designed for individuals, while commercial umbrella insurance policies are designed for businesses.
• The deductible: Most umbrella insurance policies have a deductible, which is the total amount you’ll need to pay from your own pocket before the coverage kicks in. Be sure to choose a policy with a deductible you can afford in the event of an accident.
• The premium: This is the amount you’ll pay for the policy. Premiums can vary depending on the insurer, the amount of coverage, and the deductible. Be sure to shop around and compare rates before choosing a policy.

Are You Ready to Purchase an Umbrella Insurance Policy?

Now that you know what umbrella insurance is and how it can help you, it’s time to start shopping for a policy. Steiner Insurance Group in Nashville, NC can help you find the right umbrella insurance policy for your needs. We’re here to answer any questions you have and help you get the coverage you need for both your family and business. Contact us today, and we will help you get started!

You have home insurance, auto insurance, health insurance, and life insurance. Do you really need more insurance? The insurance coverage that you have is a strategic plan put in place by you and your provider to protect you, your family, and your assets. As your financial situation becomes more complex, your net worth continues to increase. At this point, it is time to start considering umbrella insurance from Steiner Insurance Group to provide additional coverage on top of your other insurance policies.

Who Needs Umbrella Insurance?

Umbrella insurance is optional and not required by law, but is often purchased by people with considerable assets to protect or at a high risk of being sued. There are several situations where you may consider this type of insurance to protect you in Nashville, NC.

It is important to protect your assets as they grow. The cost of umbrella insurance is minimal when you have significant assets or savings that you need to protect.

If you have things on your property that could lead to the injury of visitors, you may want more coverage. This could be anything from a pool or trampoline to an ATV or an aggressive dog.

When you are responsible for other people, you are at a greater risk of legal action being taken against you. If you are a landlord, serve on the board of a nonprofit, or coach kids, then you are in a vulnerable position. With the right umbrella coverage in place, you will be protected against any major expenses that you may incur due to your profession.

Once you have determined that you fall into the category of someone in Nashville, NC that requires protection from additional insurance coverage, the next step is to determine how much coverage you need. The trusted agents at Steiner Insurance Group are here to help. Give us a call.

Whether you’re new to insurance policies or an expert in the industry, you must have heard about umbrella insurance, which is one of the essential policies for many Nashville, NC, residents. Apart from being more affordable than most policies, umbrella insurance plays a critical role in protecting you and your family financially against liability claims and lawsuits.

At Steiner Insurance Group, we recommend buying the policy to add an extra layer of protection to your home and auto policies. Here are a few tips for purchasing umbrella insurance.

Do Your Homework

Buying an insurance policy requires financial preparation. You also want to assess your needs and learn how the policy helps you protect yourself. You can read more about umbrella insurance and check what it covers. It’s pretty essential to understand that the policy works if you have other primary policies like home and auto, as it is a form of extension on liability.

Ask for Recommendations

Let your family and friends know your intentions and ask for referrals to find the right insurance company. Remember your insurance company is as important as the policy itself. 

Shop Around

Once you have a few names, visit their offices, and compare their quotes. While most companies in Nashville NC have similar coverages, the rates could vary from one insurance company to another. You will likely get a good deal if you’re more patient in your search.

Inquire About Discounts

Your ideal insurance company should offer lucrative discounts. Check which ones work for you and which ones won’t benefit you. There will always be discounts for making early payments, bundling your policies, or increasing your limits.  Ask your insurer which discounts they have to get some value for your money.

Read and Understand Your Policy

Take your time to read and understand your policy. Ask relevant questions to learn more about the policy before signing any document. Let your insurance explain everything in detail. If you’re not satisfied with the explanation, don’t sign anything. Walk out and find a company that can help you understand your policy.

For more information, quotes, or questions about umbrella insurance, contact Steiner Insurance Group today.