Umbrella Insurance in Colorado

In today's litigation-happy culture, more financial experts are encouraging their clients to purchase extra protection in the form of umbrella insurance. But what exactly is this vague umbrella, do you really need it, and how expensive is it going to be? Here's a quick overview.

What is umbrella insurance?

Lafayette, Colorado umbrella insurance policies cover damages that exceed the limits of your home and auto policies. That may include medical expenses, court costs, and other expenses that result in someone else suffering injury or property damage on your property or as a result of your actions. It might seem like an unnecessary added layer of protection, but it could protect you from financial disaster.

Do you really need it?

Everyone is at risk, but some are at higher risk than others for situations in which umbrella insurance would be necessary. Lafayette, CO umbrella insurance covers higher-risk situations such as those who own dogs, swimming pools, and even those with teenage drivers in the family. All these situations put individuals at a higher risk for being sued.

How much will it cost?

Just like any other policy, premiums vary. Most umbrella policies cover $1 - $10 million in damages, depending on the risks you're facing and even the area in which you live. Talking to an independent agent who knows the Lafayette area is one of the best ways to evaluate your options and to compare quotes.

Because independent agents work with more than one insurance company, you'll get a more impartial look at the options available, and they'll be able to get multiple quotes for you to look at when purchasing umbrella coverage or bundling it with existing home and auto insurance.

Consolidating your home and insurance coverage can significantly lower the cost of umbrella insurance as well, so if you're not bundling services already, you might want to consider starting.

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