Umbrella Insurance: An Essential Safety Net for Wealth Protection

Wealthy individuals understand the necessity of protecting their assets, including their wealth. Usual measures to this end include prenuptial agreements and trust funds. However, umbrella insurance has quickly emerged as an invaluable safeguard against unwarranted lawsuits. At Alan Farley Insurance LLC, we offer umbrella insurance that can provide numerous benefits to secure your wealth.

What is Umbrella Insurance?

Umbrella insurance is a form of personal liability insurance that offers supplemental coverage beyond the limits of your other insurance policies. It provides coverage if your claim amount exceeds the coverage offered by your homeowner’s or auto insurance. For instance, if someone sustains injuries in an accident caused by you, and their medical costs exceed the covered amount of your auto insurance in Tulsa, OK, umbrella insurance can cover the additional costs.

Coverage for Legal Defense

Many high-net-worth individuals often find themselves at the mercy of one lawsuit after another. Libel and slander lawsuits are common, especially due to the prevalent use of social media. Such lawsuits can swiftly drain a person’s financial reserves. Umbrella insurance can help cover the costs of damages and legal defense, ensuring your assets remain intact.

Coverage for Rental Properties

Umbrella insurance benefits landlords in Tulsa, OK, as it offers protection against lawsuits initiated by tenants. Tenants can sue landlords for an array of reasons, including property damage. Securing potent insurance can cover the costs of settlements or legal defense, sparing you the need to liquidate your assets.

Parting Thoughts

At Alan Farley Insurance LLC, we recognize the imperative need for comprehensive asset protection. Our seasoned insurance agents will collaborate with you to define the scope of coverage you need, ensuring your umbrella insurance policy fully safeguards your interests. Connect with us today to learn more about our insurance offerings and secure a no-obligation quote for your umbrella insurance policy.