The fact is that if you own assets and you have a future income that exceeds your insurance liability that you could lose everything. Big lawsuits hit middle class families if their involved in a serious car accident, an injury occurs at home, or defamation of character. If you lose a lawsuit like this you can lose your home, retirement or savings accounts, and have your wages garnished until the lawsuit is satisfied.
When a situation like this occurs it is hard to figure out how to pay for damages and legal fees. Even if you win the lawsuit you still have racked up legal cost. An umbrella policy can help pay some of these cost. If you haven’t already, I would suggest talking to your independent auto and home insurance agent. Umbrella polices are additional liability policies that extend over your auto and home policies. You can buy million dollar limits for a couple hundred dollars a year.
Insurance is possibly the most important financial decisions you make. Making smart insurance decision won’t make you money but they will protect the assets and investments that you have worked hard to create. One quick moment on the road can make the rest of your work disappear if you don’t take precautionary steps like purchasing an umbrella policy. The mindset for many people when we tell them about umbrella policies is that they are only for the rich. The fact is that it is more for the middle class workers that don’t have the expendable cash to self insure their assets.
When making key decision of on your insurance coverage. Make sure your speaking with an independent agent. Independent agents work for you and at Griffin-Lantz Insurance we only give you advice that we would follow as well. Independent agents want the best for their clients.