When the standard insurance policy is exceeded in terms of liability coverage, and you are still responsible for fees and costs associated with a lawsuit, your assets could be next to be taken should you not have the money to cover the costs immediately. Below are the types of assets that can be taken when you are sued and how umbrella insurance can protect them.
Know What An Asset Is And What Assets Can Be Taken
- 401k Savings
An asset is essentially anything that is of value and can be used to be sold and pay what is owed on your behalf.
Umbrella Insurance Can Protect All Assets
When a homeowner seeks out adding umbrella insurance to their policy, they must determine the total value of their assets and make that number the minimum value of their policy. When your standard home insurance policy is exhausted, instead of you having to pay the difference out-of-pocket, you can make a claim against your umbrella insurance policy, which will cover the difference. Umbrella insurance can also include the amount you expect in future income. This policy is not a required policy, but it is highly recommended for homeowners to consider.
Secure Your Assets Today
Our Laguna Hills, CA clients desire to protect their assets so that they can continue the lifestyle they enjoy, as well as provide a significant inheritance to their children and family members. If you live in the area and would like to protect your livelihood with a secure layer of protection, contact our agents at Friant Insurance Agency today to discuss an umbrella insurance policy that will cover the total value of your assets should you find yourself in an undesirable lawsuit or situation in the future.