Umbrella Insurance: Adequately Protecting the Wealthy

Umbrella Insurance: Adequately Protecting the WealthyMany wealthy families often worry about becoming the targets of fraud or lawsuits against them. While not everyone is out to get you, it is important to be proactive about protecting your assets. This means including an additional Clifton High-Value Umbrella Insurance policy into your portfolio. As your risk profile is increased, you must go above and beyond to ensure that all of your assets and investments are secured. With that in mind, let us take a closer look at how this can be achieved.

Prepare for the worst.

It’s not enough anymore to be covered only for the likely incidents that can occur. Instead, prepare for extreme cases. Think Advisor says that while trusts and other techniques can shield some assets from the court’s reach, its suggested that you choose umbrella liability coverage at least equal to your current net worth and present value of your employment income stream.

Make it seamless.

Your umbrella coverage should flow with your existing policies including your home, life, auto or yacht coverage. In other words, if your umbrella policy kicks in after more than $400,000 in losses, make sure your other coverages provide at least that amount of coverage. Otherwise, gaps occur and you might end up paying out of pocket. Furthermore, it’s also recommended you have all of your insurance products with one company for the most seamless coverage.

Don’t settle on a policy over price alone.

While some companies may offer cheaper rates, it’s important to know what you’re getting for your money. For example, some umbrella policies extend coverage for personal lawyer reimbursement, public relation teams hiring, and even send out risk management consultants to size up the insurance protection requirements.

At Tri-State Insurance Agency, we want to ensure to protection of your valuable investments. Our comprehensive high-value umbrella program provides you peace of mind and protects more assets and provides higher coverage limits than a traditional policy. For more information, contact us today at (888) 990-0526.

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