Excess liability insurance is an extra layer of liability insurance that bolsters up liability coverage you already have on a policy you carry. For example, auto insurance may have 250,000 in liability coverage, but an excess liability policy can bring that up to 1 million or more. At Pikes Peak Insurance Agency in CO, we are a family-owned independent insurance agency serving the local community since 2005. We believe in finding the best coverage for our customers at a great price.
Umbrella insurance is excess liability coverage. It can benefit anyone who has any assets. When you have assets, they are always at risk in the event of a judgment against you. That is why you have liability insurance on your home, auto, business, and more. When someone is injured by you or by a member of your family, they may opt to sue you. Depending on the severity of the injury and the size of the judgment, this can be a costly situation. You will also have legal fees that need to be paid.
Most liability insurance that comes with your policy can be adequate if you have limited assets. But, many people have some accumulated wealth. It can be in a home you own, personal possessions you have acquired, or savings you are putting aside for your future. All of these could be at risk if you get sued. This is where the umbrella coverage steps in and adds a layer of protection to your assets. Umbrella coverage usually begins at about a million dollars but can be as high as five million. Basically speaking, if you have any assets, you can benefit from umbrella insurance.
Contact Pikes Peak Insurance Agency in CO for more information about umbrella insurance and how it can benefit you.