In 2024, as lawsuits become more common, knowing how to protect your money and property with the right insurance is crucial. Here is an easy-to-understand breakdown of how liability insurance and umbrella policies can help you keep your hard-earned assets safe.
What is Liability Insurance?
Think of liability insurance as a basic shield. It helps cover costs if you accidentally damage someone else’s property or cause an injury. This kind of insurance is usually part of your homeowner’s, auto, or renter’s insurance.
For example:
Why Consider an Umbrella Policy?
Standard insurance has limits; it won’t cover everything. That’s where an umbrella policy comes in. It starts where your regular insurance stops. If you’re sued for a large amount, an umbrella policy helps cover those extra costs, so your savings and home aren't at risk.
Imagine you’re in a serious car accident, and the costs are way higher than your regular insurance covers. An umbrella policy would help pay what’s left, so you don’t have to dig into your own pocket.
Why These Insurances Matter:
Protect Your Stuff: These policies help keep your savings and property safe if you’re ever sued.
Looking Ahead
Talk to your CPS advisor about your insurance once a year to make sure it still fits your needs. As life changes, your coverage might need to change, too.
Chat with us about how well you’re protected and whether there are any new options you should consider. Keeping your insurance up-to-date means you can go after your financial goals without worry.