Many Georgia residents enjoy the assets that they have worked hard for and would like to protect them. With Fallaize Insurance Agency, Inc., these residents have access to umbrella insurance, which can protect these assets in the event of a lawsuit where they would be needed to cover outstanding damages.
What is umbrella insurance?
This policy is supplemental liability insurance that can be attached to either your Georgia home, business, or additional financial coverage should you exhaust all of your current liability coverage. The amount of this policy can vary solely based upon the policyholder and the additional amount they would like to have covered should they be sued. Without umbrella insurance, you could find yourself having to sell off your assets and property to pay for these additional expenses.
How much coverage should you get?
When you are determining how much umbrella insurance to have, you should consider the total value of your current assets first. This includes the following:
- Recreational vehicles
- Savings and Bonds
At the minimum, your umbrella insurance should cover the total value of these different assets. In addition to current assets, you should also include future assets, such as future wages. Take your current salary and multiply it by your remaining workings years and add that value to your existing assets. Are you expecting your property values to grow over the next 10 or 20 years? Include that potential value as well, as that qualifies as future assets.
Are you ready for your policy?
If you do not currently have an umbrella insurance policy on your Georgia home or business, it is time to meet with one of our agents at Fallaize Insurance Agency, Inc., and get that policy started. This policy provides a level of financial protection that is unmatched by other policies. Give us a call today for more information.