Category: Umbrella Insurance

If you are concerned that your auto and home insurance don’t provide enough coverage, umbrella insurance provides financial protection from excess liability claims. We offer reliable umbrella insurance at Toney Insurance Services in Snellville, GA.  

The Basics of Umbrella Insurance

Insurance policies have coverage limits. This is the maximum amount your policy will pay for a claim. However, liability judgments can cost more than the coverage limits of your policy. 

Umbrella insurance is designed to protect you from catastrophic liability claims. Generally, umbrella insurance picks up where your standard auto or home policy stops. 

For example, you are responsible for a 10-car accident. The costs add up to $1 million in damages. However, your auto policy only covers $500,000. In this case, without umbrella insurance, you would be responsible for the remaining $500,000. Umbrella insurance will cover the remaining $500,000. 

Requirements for Umbrella Insurance 

You must have the maximum coverage limits on your auto and home policies to get umbrella insurance. This reduces the risk that you will need your umbrella policy. 

Considering Net Worth  

Experts typically recommend getting umbrella insurance if your net worth is more than $500,000. You can determine your net worth by adding all your assets. This includes any property you own, retirement accounts, and bank accounts. Then, subtract any debt you have. This is your net worth. 

You should have an umbrella policy equal to or greater than your net worth. This protects your assets from any liability judgment against you. 

However, it would be best if you also considered your future financial security. A liability judgment can include future earnings as well as your current assets.  

Umbrella Insurance at Toney Insurance Services

If you need umbrella insurance in Alabama, contact us at Toney Insurance Services. Our agents are waiting to discuss your needs and help you select the best policy for your situation. 

Many business owners understand the benefits that commercial or business insurance provides. For most, handling many day-to-day operations, as well as unexpected incidents, could cause many businesses to go under. However, as with any insurance policy, there are limits to how far and how much a business insurance policy will cover. Some businesses may be more vulnerable if they have operations that carry more risk. However, there may be other reasons why umbrella insurance is important. Our team at Toney Insurance Services is committed to helping Snellville, GA business owners understand umbrella insurance and the benefits it provides.

What is umbrella insurance?

Umbrella insurance is secondary or backup insurance. In other words, if you have a lawsuit or some other unexpected or serious event taking place that exceeds the limits of your primary business insurance, your umbrella insurance policy will cover whatever your primary policy doesn’t cover. Interestingly, in some situations, umbrella insurance can also work as a primary insurance policy if your primary insurance doesn’t cover something. 

Will umbrella insurance cover things that my business insurance doesn’t cover?

Yes. If your primary insurance doesn’t cover something, it’s likely that your umbrella insurance will cover it as long as it meets the terms of your insurance policy. However, it is possible that your umbrella insurance policy and your primary insurance policy won’t cover an event or situation. This is why it’s a good idea to become very familiar with the terms of any insurance policy to ensure that you get the coverage you need. Speaking with an insurance agent and discussing your business needs as well as your business vulnerabilities and possible vulnerabilities makes it easier to get the coverage you need to fit your unique situation.

Schedule A Consultation Today

If you have questions about umbrella insurance, call us at Toney Insurance Services in Snellville, GA. We’d be happy to discuss your options. 

Anyone can benefit from umbrella insurance and you will be surprised how affordable it is, especially considering the level of protection it provides. You can buy umbrella insurance for yourself and for your business as long as you get separate policies. 

Umbrella insurance acts like an umbrella over all your assets, including your property and automobiles. Most umbrella insurance policies are sold in increments of $1 million, which is obviously a great deal of protection. At Toney Insurance Services, we help our Snellville, GA clients reach the level of protection they feel comfortable with. 

How Umbrella Insurance Works

You already have multiple policies to protect your home, your vehicle, and possibly your business. All of your policies have limits on how much they will pay out if there is an incident. After your policy reaches its maximum limit, you are responsible for paying the rest of the claim.

For instance, you could be in an auto accident where multiple people have serious injuries. If you only have the minimum required insurance, that coverage will run out quickly. Umbrella insurance will kick in once you reach those maximum limits. That means that you can only have an umbrella policy if you have an underlying insurance policy. 

Umbrella insurance will help cover the expenses for property damage, medical expenses, and any associated lawsuits.

Other Protections Your Umbrella Policy Provides

Umbrella insurance also offers protections other insurance does not. Most insurance will not help you if you are accused of false arrest, slander, or libel. Your umbrella policy may also add to your liability protection on your rental property.

 You can better protect your family and your business in Snellville, GA if you add umbrella insurance. Call Toney Insurance Services today so we can help you explore your options.

When you want enough insurance to protect you against liability, your home and auto insurance policies may not be enough. You may need to get umbrella insurance so that you’re better protected against liability. Accidents happen both with vehicles and in the home. In both of these cases, you could end up owing a lot for medical bills and other expenses. It’s smart to have an umbrella policy so that you know you can cover these bills.

When you’re interested in umbrella insurance, just give us a call at Toney Insurance Services in Snellville, GA.

Getting More Coverage

When you get an umbrella policy, it gives you more liability coverage for both your home and auto policies. If you were to add to each of these policies directly, it would cost a lot more than getting an umbrella policy. It also adds an enormous amount of coverage. The maximum payout of an umbrella policy is far higher than the amounts that the average home or auto policy has. It would be rare for there to be any bills left over after an umbrella policy came in and paid them.

Two Policies

If there is an accident, and you have umbrella insurance, you will have two policies that cover it. The first policy will be the auto or home policy. That one will pay as much as it can until it reaches its maximum. After that, the umbrella policy will pay any of the bills that are left over. This ensures that you won’t have a financial disaster after an accident. When the policy pays those bills for you, you save an enormous amount of money. 

Get Umbrella Coverage

If you want to be better protected from your liability, give us a call today at Toney Insurance Services in Snellville, GA.

Umbrella insurance is an important type of coverage that residents of Snellville, GA might want to purchase. Toney Insurance Services offers umbrella insurance policies.

The following are four of the most important things you need to know about umbrella insurance coverage:

Umbrella insurance premiums are comparatively low.

One of the best things to know about umbrella insurance policies is that they tend to offer relatively low premiums compared to auto and home insurance policies. You may be able to purchase a policy for as little as $150 per year. 

Umbrella insurance covers liability expenses. 

Consumers need to realize that umbrella insurance won’t cover them for property damage. Umbrella insurance provides coverage in liability situations. This means that umbrella insurance coverage covers legal costs and other expenses resulting from a lawsuit against the policyholder. 

Umbrella insurance complements coverage from other insurance policies.

Consumers typically need to have already purchased other insurance coverage in order to qualify for umbrella insurance coverage. If you want to take advantage of umbrella insurance, you probably will need to have auto insurance and home insurance. Your umbrella insurance will cover you for expenses above the policy limits of these policies. 

Umbrella insurance coverage protects the assets of the policyholder.

Consumers should invest in umbrella insurance if the value of their assets exceeds the value of the maximum policy limits of their home and auto insurance policies. Without coverage that’s worth as much as one’s assets, a consumer’s assets are at risk of being lost in a lawsuit. 

Give Us A Call

At Toney Insurance Services, we’re here to answer any questions you have about umbrella insurance. Contact us today if you want to get a quote on an umbrella insurance policy in Snellville, GA.