Various myths can confuse you when looking for umbrella insurance coverage in Westerville, OH, particularly if you are a newbie. For this reason, Associated Insurance Agencies Inc. highlights popular insurance myths to avoid.
Myth#1: Umbrella insurance is only for the rich and famous
This is not true at all! The truth is that an umbrella policy can be beneficial even when your net worth is low or moderate. Since anyone can be sued, umbrella insurance is ideal for anyone earning a livelihood.
Myth#2: Umbrella insurance is costly
Another common myth. Since umbrella insurance rides on other coverages, it’s not that expensive. In fact, for the liability coverage it gives you, the amount of premium you pay is only a fraction of the price.
Myth#3: I’m too young to need umbrella insurance
That’s just plain misleading. Young people face unique challenges such as buying homes, participating in risky hobbies, starting families, owning dangerous pets, and starting businesses. This means that young people are exposed to the same risks as older folks, and considering umbrella insurance is a great choice.
Myth#4: I already have enough insurance, so I don’t need umbrella coverage
Most people think this way because they believe that their existing insurance policies cover everything. But there are always gaps between what we expect our current insurance to pay and what actually happens.
For instance, you may have liability coverage in your auto insurance, but it may only stretch far when involved in a severe accident. It’s in such incidences that umbrella insurance steps in to save your assets.
Myth#5: I’ll never use my umbrella policy
How could you say something like that? An umbrella insurance policy protects you against unexpected events that exceed your primary liability limits. These include lawsuits, medical bills, property damage, and lost wages due to injury that can occur to anyone.
Now that you know the truth regarding umbrella insurance, don’t let anyone confuse you. Reach out to Associated Insurance Agencies Inc. in Westerville, OH, for umbrella insurance coverage and other clarifications you might need.