Is umbrella insurance only for the wealthy?

One of the many myths surrounding umbrella insurance is that it is only for the wealthy. Nothing could be farther from the truth. What it does is help protect your wealth from the many dangers that put it at risk. At Asheville Insurance Center in Asheville, NC, we can dispel the myths about umbrella insurance and help you to understand what value it has for you. 

What is umbrella insurance?

Umbrella insurance is excess liability coverage that can supplement any policy you already have with liability protection. Many different types of insurance policies have liability coverage as one of their lines. Policies like home, auto, condo, renters, and more all have liability coverage. When you choose to add an umbrella policy to your coverage, your primary policy will pay up to its limit, and then the umbrella policy will add the additional coverage. Usually, umbrella policies begin at around one million dollars. 

Who should have umbrella insurance?

If you are wealthy, you most certainly should have umbrella insurance. But anyone with assets should protect what they have worked hard to earn. This can be the home you love, a cherished collection you have accumulated, or even your vehicle. Defining wealth is a very fluid thing. A millionaire defines wealth differently than a young comic book collector. Still, at the end of the day, they can benefit from an additional liability coverage to protect their possessions from being lost to legal action against them. 

At Asheville Insurance Center in Asheville, NC, we are independent insurance agents who work hard to ensure our customers have the insurance they need to protect their assets. Call us to learn more about umbrella insurance and what it can do for you.