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Umbrella Insurance Morehead City, NC

At Good Life Financial Advisors of Morehead City, NC, our mission is to help you work toward financial freedom with strategic planning solutions, like umbrella insurance.

Proactive guidance is paramount when working toward financial goals that serve your best interest. And while there are many benefits of umbrella insurance, knowing exactly what umbrella insurance entails is essential in deciding whether it is right for you. Here’s what you need to know.

What Is Umbrella Insurance?

Umbrella insurance is a liability policy that offers additional coverage on other policies, like auto or homeowners insurance. This type of coverage goes beyond where these other policies end. It helps you protect yourself, your loved ones, and your assets in the event of a catastrophic event, like a major lawsuit.

Am I a Good Candidate for Umbrella Insurance?

You’re a good candidate for umbrella insurance if you have assets that would be at risk in the event of a lawsuit or other legal action. Assets include things like:

  • A home or multiple properties
  • Investments
  • Savings
  • Other valuable possessions

If you own a successful business, have a high net worth, or work in a high-risk profession (such as real estate, law, or medicine), umbrella insurance is a wise investment.

How Can Umbrella Insurance Benefit Me?

There are many ways umbrella insurance can benefit you. Umbrella insurance provides an additional layer of liability coverage if you’re found responsible for injuries or financial damage that exceeds the limits of your other insurance policies.

For example, suppose that you cause a car accident and seriously injure the other driver. The other driver’s medical expenses exceed the limit of your auto insurance policy. You would have to pay out of pocket for the remaining expenses — unless you have a security blanket like umbrella insurance.

Umbrella insurance also covers a wide variety of liability claims, including defamation. Purchasing an umbrella insurance policy can be more cost-effective than increasing the limits on your other insurance policies. Umbrella insurance usually offers higher coverage limits at a lower cost.

Finally, umbrella insurance protects your assets. If you’re found liable for any injuries or damage and your other insurance policies can’t cover the costs, your assets could be at risk. Umbrella insurance creates an additional layer of protection for your finances in these situations.

Schedule Your Complimentary Discovery Call

We hope you enjoyed learning about the benefits of umbrella insurance. If you believe you are a good candidate or have questions, our team is here to help! At Good Life Financial Advisors of Morehead City, we believe in empowering our clients with education and resources so that they can feel confident about their financial future.

To learn more about umbrella insurance, contact us today to schedule a complimentary Discovery Call. This meeting is a no-obligation consultation to discuss your current life circumstances, financial situation, and long-term goals. It is also an opportunity for you to learn more about us and determine whether you feel comfortable moving forward with our team of financial professionals.

If you’re ready to discover the Good Life, contact us today to schedule your free consultation. We hope to help you soon!

The opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual.