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In today’s society, homeowners are subject to lawsuits more often than they would like to believe. A neighbor child is injured while playing in your backyard. An associate slips and falls while walking up to your front steps. You may think that these people would never sue but soon realize that you were mistaken. All of a sudden, all of the wealth and assets that you have spent your life accumulating are at risk. Fortunately, though, there is an answer. With an umbrella policy that is purchased along side homeowners insurance in Commerce, MI, your family’s financial future and security could be protected. An umbrella policy is a separate policy that is purchased in addition to homeowners insurance in Commerce, MI. It provides additional liability coverage in excess of the limits on your basic homeowners policy. They are often available in amounts of $1 million to $5 million. The basics of how it works are simple. If you ever find yourself faced with a lawsuit for injuries that occurred at your property, your homeowners policy will cover expenses up to a specified limit. After that, your umbrella policy would step in to cover up to the additional amounts selected. Basically, it fills in the gaps left unprotected by standard homeowners insurance. It is pretty simple to decide whether or not an umbrella policy would be beneficial for you. Simply add up all of your assets. This includes the equity in your home and money in bank accounts, stocks, bonds, and retirement accounts. Take into account the money you will likely receive as salary in the future. It is even important to consider money you may receive down the road such as inheritances or other profits. Once you have reached a fair estimate of your net worth, compare that number to the limits you have for homeowners insurance in Commerce, MI. If your assets are greater than your limits then an umbrella policy may be very valuable for you. As much as we would like to think that an accident will not happen, they do. It is important not to leave the financial security of your family at risk. An umbrella policy does not have to be expensive and can provide a great deal of peace of mind even if you never have to use it. But if you do, it very well could be the best money you ever spent. Get the best homeowners insurance coverage and policy from Insurance Advisors, Inc. They are licensed professionals and are always here to help you choose the right coverage that fits your needs and budget.
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