Category: Umbrella Insurance

Umbrella insurance is an underappreciated approach to protecting the assets that you have built over a lifetime. Yet, by supplementing your home, auto, and other primary insurance policies and covering potential liabilities that exceed these primary policy limits, it offers protection that few seniors with assets can afford to be without. Whether you are a senior today or planning for the future, the team at BES & Associates Insurance, serving Walford, MD, is here to help you understand how umbrella insurance benefits people of all ages.

How Umbrella Insurance Benefits Seniors

Our primary insurance policies protect us from unexpected accidents that leave us liable for damages. Each insurance policy pays for damages up to a set amount or limit. On the rare occasion that liabilities exceed these primary policy limits, you are responsible for paying the difference, which could put your home, savings, and other assets at risk.

This type of situation poses a significant problem for seniors who have accumulated substantial assets and are generally past their peak earning years, making it difficult for them to rebuild their assets. Umbrella insurance counters this problem by covering your primary policies in situations where you exceed their limits. Despite our increasingly litigious society, the average cost of umbrella insurance in Maryland is $16 per month, making it an affordable option for seniors seeking peace of mind through additional protection.

If you seek to protect your assets for your golden years or provide a legacy for others, consider acquiring umbrella insurance as an extra layer of protection.

Working With BES & Associates Insurance

Umbrella insurance is an affordable means of protecting your family and your assets. If you reside in or near Walford, MD, feel free to stop by today or call the team at BES & Associates Insurance at (301) 870-7300 to discuss how umbrella insurance could work to your advantage.

While standard insurance offers essential coverage, certain situations demand additional financial security. Enter umbrella insurance, an extra layer of protection for when your primary insurance falls short. Here are signs from BES & Associates Insurance, providing coverage to the greater Walford, MD area, that regular insurance might not be enough.

High-Value Assets

If you possess significant assets like a luxurious home, multiple properties, or substantial savings, standard insurance limits may leave you under-protected. Umbrella insurance steps in to safeguard your wealth when facing lawsuits or unforeseen events, ensuring comprehensive coverage.

Liability Risks

Standard liability coverage in home or auto policies may not fully shield you in severe accidents or lawsuits. Umbrella insurance becomes crucial in situations where you could be held responsible for damages exceeding primary insurance limits, offering added protection against costly legal proceedings.

Business and Professional Exposure

For business owners or professionals susceptible to lawsuits, umbrella insurance is a vital safety net. It extends coverage beyond primary insurance limits, protecting against legal expenses, settlements, and potential financial setbacks associated with liability claims.

Future Earning Potential

Consider umbrella insurance an investment in your future earning potential. If court-awarded damages surpass primary insurance limits, personal assets and future income may be at risk. Umbrella insurance acts as a safeguard, ensuring your financial well-being remains intact in the face of substantial liability claims.

Standard insurance forms the foundation of financial protection, but for those needing higher coverage limits, umbrella insurance is indispensable. Recognize the signs in your financial situation or lifestyle, and explore the benefits of this extra layer of security. If you can benefit from an umbrella insurance product, get coverage by calling BES & Associates Insurance, serving residents in the greater Walford, MD region.

You may have a number of other types of insurance policies and wonder just what umbrella insurance is and whether you need it. Umbrella insurance adds coverage to policies that you already have. If you have a home and an auto policy, you could get an umbrella policy to boost your coverage from both of those policies. It’s a smart move to be better insurance with an umbrella policy. When you need more coverage, call us at BES & Associates Insurance in Walford, MD to find out more. 

Liability Coverage

You have liability coverage built into your home and auto policies. However, these policies often don’t have much of this coverage. This can leave you vulnerable to a lot of medical bills after a serious accident. Once your auto or home policy reaches its maximum, everything else is left for you to pay. That’s why you need umbrella insurance. It adds more liability coverage to both your auto and home policies. This leaves you much better protected in case of serious, expensive accidents. The amount of coverage that umbrella insurance comes with is extremely high. It’s unlikely to need more coverage than an umbrella policy provides. 

Save Money

When you have an umbrella policy, you get a lot of extra liability coverage for a small price. If you were to add more liability directly to your home and auto policies, it would cost you much more than getting an umbrella policy. When you have an accident, the home or auto policy is the first to come in. If there are still bills to pay, your umbrella policy will take care of those. This is valuable protection that also allows you to save money on your coverage. 

Get Your Umbrella Policy

If you’re interested in more liability coverage, give us a call at BES & Associates Insurance in Walford, MD.