Umbrella Insurance in Colorado
Let us show you how an affordable Colorado umbrella insurance policy can protect your assets and your future.
Anyone can find themselves in a lawsuit despite their best efforts. If someone decides to sue you for injuries caused to others and you’re found responsible, the cost of a lawsuit, judgment, and medical expenses can often exceed a standard homeowners insurance, renters insurance, or auto insurance policy limit.
The question is do you want to pay out-of-pocket for the difference between your policy’s limit and how much all this could cost. Most people would say, “No!”
Protects Your Future
Legal fees, court costs, medical bills, lost wages, and a judgement against you can often amount to tens or hundreds of thousands of dollars, or more. You could potentially lose everything you’ve worked hard to build over many years and future income in one devastating blow.
This is why having a Colorado umbrella insurance policy in place is so important. Once your other insurance policy reaches its limit, umbrella insurance kicks in to pay for the balance up to the policy limit. It provides protection beyond your initial policy.
For instance, you’re responsible for an automobile accident and you injure the other driver. Your car insurance liability limit is $250,000, but the other driver needs multiple surgeries, medication, and home care after a long hospital stay. They’ve missed six months of work, too. They sue for $1 million in compensation and they win the lawsuit.
Without umbrella insurance, you pay out-of-pocket for any amount above the $250,000. With umbrella insurance, your auto insurance pays $250,000 and the umbrella policy pays the balance of $750,000.
Versatile Coverage and an Incredible Value
In Colorado, umbrella insurance policies are available in $1 million dollar increments up to $5 million and they offer great value for the level of protection they offer. They’re especially valuable for people with considerable worth, but they offer everyone value.
If you own things more likely to cause harm, such as a dog, pool, or trampoline, umbrella insurance is a wise investment. You may also want umbrella insurance if you’re involved in activities that could easily injure others, such as hunting, skiing, snowboarding, boating, and snowmobiling.
Business professionals can also take advantage of umbrella insurance to supplement their existing business liability policies. Renters may also want to extend their protection, because they’re not immune to lawsuits either.
Besides protecting you from legal costs and medical bills, umbrella insurance protects you against libel, slander, and invasion of privacy. This protection is especially important if you’re a landlord, volunteer, sport’s team coach, or serve on the board of a non-profit organization.
Our team can help you determine just how much coverage you need. We’ll analyze your risk, value your assets, and measure potential loss of future income to determine how to protect you well.
Let us show you how an independent insurance agent can find the ideal coverage to protect what you’ve worked hard for, and for much less than you might expect.
Contact us – we’re here to help.