How does umbrella insurance benefit retirees?

If you are retired, you likely want to spend your time pursuing your interests rather than worrying about money. Yet, despite having all the standard insurance coverage, you may leave yourself exposed without umbrella insurance. So, let’s take a minute to review how umbrella insurance is especially valuable for protecting seniors. Then, after reviewing this article, take a moment to contact Giles & Iten Insurance, serving Surprise, AZ, to discuss whether to include umbrella insurance in your insurance plan.

How Umbrella Insurance Helps Seniors

Those who reach retirement age know that accidents happen, and we buy insurance to protect against the unexpected. Since Arizona is an “at-fault state,” your auto insurance policy handles your liability for accidents where you have responsibility. Likewise, the liability portion of your home insurance covers injuries that occur in your home.

In most situations, your home and auto policy typically limits cover whatever liability you may have. However, by misfortune, your liability could exceed the standard policy limits, meaning you must pay the difference using your savings or by selling your assets, including your home. These situations can leave you vulnerable since most seniors are past their prime earning years.

Umbrella insurance protects against these situations because it provides coverage when you exceed your standard coverage limits. The good news is that these situations are uncommon. The result is that umbrella insurance is relatively inexpensive, yet it provides an extra layer of financial protection and the comfort of knowing you have protection against almost any misfortune.

Working With Giles & Iten Insurance

Knowing you and your family are protected is comforting in a world where anything can happen. So take a minute to call Giles & Iten Insurance, serving Surprise, AZ, to discuss the protection offered by umbrella insurance.