Category: Umbrella Insurance

Do you own multiple rental properties as part of a larger investment portfolio?

If the answer to any of these questions is yes, you may need umbrella insurance. At The Washwick Agency, serving Bethlehem, NH, and customers in Maine, Vermont, Long Island, Florida, South Carolina, Texas, and Maryland, we can help you secure the umbrella insurance coverage you need.

What is umbrella insurance?

Umbrella coverage provides liability coverage over and above the limits of individual policies.

If you own rental property, you need liability coverage to protect you from losses due to accidents and injuries on your property. In many states we serve, landlords need protection from liability for the criminal acts their tenants commit. (The theory is you should have done a criminal background check before renting your property.)

Landlord liability insurance can also cover damages by tenants and loss of rental income. You can rent out your properties without any liability coverage at all—a potentially severe omission, in our opinion—or you can take out a standard liability rider of $100,000 to $500,000 for each insured property. But what happens if you are sued and your tenants win a multi-million dollar verdict?

It doesn’t happen very often, but it does happen. Depending on how you set up the ownership of your properties, a judgment against you for something that occurs at your rental property can wipe out your savings and other assets. And if you hold properties in your own name, all your assets are at risk.

Prevent financial catastrophe with umbrella coverage. Call us at The Washwick Agency, based in Bethlehem, NH, but serving eight states, and get the umbrella insurance you need.

Most people don’t realize that umbrella insurance can benefit anyone. Even if you don’t think you are vulnerable to a future loss, you could be involved in an accident through no fault of your own and need additional assistance. If you are in an auto accident or if you experience damage to your Bethlehem, NH home, a single umbrella policy can help with both. At The Washwick Agency, we can show you how inexpensive this coverage is.

What Is Umbrella Insurance?

Umbrella insurance is basically an extra insurance policy that acts as an umbrella to protect you from unexpected rainy days. If something unfortunate happens and you feel vulnerable, your umbrella policy offers that extra protection you need.

Your umbrella policy works by picking up where your regular coverage leaves off. Say for instance that you are in an auto accident and you have $50,000 coverage for medical payments per victim. If one of the victims requires multiple surgeries or extensive rehabilitation, that money could run out fast. Once you reach your policy limit, your umbrella policy takes over and pays up to that policy limit.

Why Is Umbrella Insurance Important?

Even if you don’t feel as though you have many assets, you could lose all your assets in a big enough event. Umbrella policy protection generally starts at $1 million and is surprisingly affordable.

Not only that, but your umbrella policy covers you in multiple areas. If your policy is personal, it may protect your automobile and home, adding extra liability coverage for your home. If you get an umbrella policy for your Bethlehem, NH small business, it adds coverage to your business policies.

We Are Here To Help

If you would like to discover your options for adding an umbrella policy, please feel free to call The Washwick Agency today.

If you are confused about umbrella insurance, you have plenty of company. Many people would be unable to explain exactly what this type of protection is all about. At The Washwick Agency, serving the Bethlehem, NH community, we take our responsibility to our customers seriously and will make an effort to make sure we answer your questions and provide the support you need. 

Why Umbrella Insurance?

Think of umbrella insurance as an umbrella. You are your assets, and the rain is all the hazards that face you every day. This insurance is excess liability coverage, and it protects your assets from all the bad things that can happen. Umbrella coverage is not a stand-alone policy. In order to purchase it, you must already have a policy with liability coverage. What this will do is add another layer of protection. 

Policies with liability coverage are home insurance, auto insurance, boat insurance, condo insurance, motorcycle insurance, and renters insurance. Liability insurance protects you from someone being injured on your property or by your property, having serious injuries, and suing you. If the judgment goes against you, you will need to get representation, which can be expensive, and you will have to pay the judgment. Again, this can be expensive. 

You work hard to accumulate the assets that you have, and the thought of losing them to an accident is hard to imagine. That is why you need umbrella insurance. After your primary policy pays up to its limit, the umbrella will kick in and most of them start at around a million dollars, which gives you quite a lot of protection. 

Contact Us Today

Give our office a call or stop by our offices at The Washwick Agency in Bethlehem, NH to get information or a no-obligation quote.