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Lawsuits happen to ordinary people every day, and the financial consequences can be devastating. A single accident or unfortunate incident could wipe out your savings, retirement accounts, and future earnings. Thompson Insurance Services, serving Highland Village, TX, wants to explain how umbrella insurance acts as your financial safety net when life takes an unexpected turn.
When Basic Coverage Isn’t Enough
Your auto and homeowners insurance provide liability coverage, but those limits might be inadequate when facing a serious lawsuit. If you cause a multi-car accident with severe injuries, medical bills and legal settlements can easily exceed your standard policy limits by hundreds of thousands of dollars. Once your primary insurance is exhausted, plaintiffs can pursue your personal assets, including your home, investments, and wages.
Real Protection for Real People
Umbrella insurance kicks in after your underlying policies reach their limits, providing an additional layer of coverage typically ranging from one to five million dollars. The cost remains surprisingly affordable because umbrella policies rarely pay out, but when they do, they prevent financial ruin. This coverage also extends beyond auto and home incidents to include personal liability situations like libel, slander, or accidents caused (or allegedly caused) by your children.
Who Needs Umbrella Coverage
Many people, not just the very rich, can benefit from umbrella insurance. If you own a home, have retirement savings, or earn a solid income, you have assets worth protecting. Young professionals with high earning potential face particular risk because future wages can be garnished. Parents with teenage drivers, homeowners with pools, or anyone who frequently entertains guests should seriously consider this coverage.
Don’t gamble with your financial future. Contact Thompson Insurance Services, serving Highland Village, TX, to learn how umbrella insurance can safeguard everything you’ve worked so hard to build.