Whether you are a homeowner in Washington, a business owner, or even both, there is a way to give yourself one extra layer of financial protection. Umbrella insurance has been the difference in protecting their property and keeping their business open for many. When you get an umbrella insurance policy from The Schultz Agency, you need to know what it is and how it works.
It is a supplemental liability protection plan applied to any standard plan for your home, business, or non-profit organization. Once you have exceeded your limits on your standard liability policy, you can defer any outstanding responsibility to your umbrella insurance policy. It cannot be a standalone policy.
When your standard liability insurance policy runs out, and you still have an outstanding financial obligation, your assets are targeted next and can be seized until the debt is paid. Below are assets that can be taken if you do not have the cash on hand to pay the balance:
You have spent your entire life working for your home or business. If it is not adequately protected, it can all be taken and sold until the debt is paid. This means that you could be left with very little or nothing when it is over.
When you are deciding on an umbrella insurance policy, you need to make sure that the minimum amount of the policy is what your current net worth is. Add up all the value of your assets and ensure that your policy meets that number.
Our agents at The Schultz Agency can help you craft a policy that protects your Washington assets. Contact us today for more information.
