An umbrella policy protects your wealth

By Seth Zaremba, Zinc Insurance

Here’s the scenario: You have a car accident and you’re at fault.

Several other drivers are involved and their vehicles are significantly damaged. You suffer injuries, they suffer injuries, and everyone, including you, is looking to your insurance company to pay up.

Your limit of liability tops out at $250,000, but the claims go beyond that.

So, who pays? You do.

You have home and auto limits built into your policies. If a catastrophic event exceeds those limits, the cost to cover them comes out of your pocket. That’s where an umbrella policy comes into play.

An umbrella policy provides coverage for events that exceed the limits of liability on your existing policies. For about $200 per year, you can add a million dollars worth of additional protection.

We had a couple involved in an accident that left them and their vehicle severely damaged. They exhausted their limit and that $200 saved them almost $700,000 out of their pocket.

A million dollars of additional protection for $200 is an easy decision to make. It covers you and everyone in your household. If you have wealth, this is the best way to protect it.

If you’d like to have an intelligent conversation about the protection an umbrella policy can provide, I invite you to give us a call.

Zinc is located at 3505 E. Royalton Rd., Suite 110, in Broadview Heights. The phone number is 440-740-3540. Office hours are Monday-Friday, 8:30 a.m.-4:30 p.m. Find them online at ZincInsurance.com and on Facebook at Zinc Insurance.