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.

One of the main reasons people get insurance is to protect themselves from the unknown. We hope we never have an accident on the roads, and we may not, but we are also mature enough to understand that it is a viable possibility. None of us ever expect to have our house struck by lightning or to become victims of a house fire, but we also know that it can and does happen. That is also why people from in and around Tulsa, OK turn to the professionals at Alan Farley Insurance LLC for insurance and protection from the unknown.

Insurance for Your Insurance?

Remember that feeling of being secure we discussed at the onset? What if there was a way to protect our insurance, too? How much more secure would you feel? With umbrella insurance plans, that is essentially what happens.

We don’t know when that driver is going to swerve into your lane unexpectedly or when the next Oklahoma tornado will take another home (yes, the season is coming), but we can rely on insurance, right? That question is also what umbrella insurance is designed to answer, like insurance – for your insurance.

So when the damages, bills, and expenses are greater than your coverage limits, the umbrella has you covered. That is like insurance for your insurance and insurance for the unknown because the truth is, we never know.

For All Your Umbrella Coverage Solutions

If you live in or around the Tulsa, OK, area and would like to learn more about how umbrella insurance can better protect you and your family, the friendly and professional team at Alan Farley Insurance LLC can help. Contact us to find out more and schedule an appointment today for protection against all of life’s unknowns.

If you need to have more liability coverage, you might not know it. Many people assume that the amount of liability coverage they get in their home and auto insurance policies is enough for them. However, there may be very little of this coverage in your policies. The amount of coverage may not be enough to pay for all the bills associated with a serious accident. To get more liability coverage, there is umbrella insurance. To find out more about it, call us at Alan Farley Insurance LLC in Tulsa, OK.

Home and Auto Liability Coverage

Umbrella insurance is a type of supplemental policy that works along with the home and auto policies that are already in place. It adds more liability coverage to both of them at the same time. This is much less expensive than if you added directly to both your home and auto policies. That can get very costly very quickly, and that doesn’t even have to be much extra coverage. Umbrella policies come with an enormous maximum payout so you can be confident that an accident won’t end up bankrupting you. 

Accidents and Overage

If you have only your home and auto policies and don’t have supplemental liability coverage, a serious accident can easily come with costs that are too high for your insurance to pay. When this happens, you’ll have an overage after insurance has maxed out, and that will be yours to pay. When you have umbrella insurance, it comes in after the first policy has reached maximum payment and then pays whatever is left afterward. This can save you thousands on hospital bills and other costs. 

Get Your Umbrella Policy

To get more liability coverage, umbrella insurance is a smart move. To get started, call us at Alan Farley Insurance LLC in Tulsa, OK. 

   

If you already have home and auto insurance, it’s possible that you don’t have as much coverage as you need. When you have these insurance policies, they come with different kinds of coverage. One of these is liability insurance. It’s common for home and auto policies not to have much of this important coverage. That’s where umbrella insurance comes in.

If you want to be well-protected against a number of risks, give us a call at Alan Farley Insurance LLC in Tulsa, OK to find out more about umbrella insurance. 

Liability Coverage

You need plenty of liability coverage for your home and vehicle. If you have home and auto policies, each comes with an amount of liability coverage. This pays for the medical bills that are due after an accident that resulted in injuries. When it’s auto insurance, it also includes property damage liability. If you don’t have enough of this coverage, you could be stuck with large bills after the policy has maxed out. One way to be protected against these leftover bills is to have umbrella insurance. With this coverage, you add a layer of liability coverage onto both of your other policies at one time. Umbrella insurance comes with very high maximums, so you won’t have to worry about overages after they’ve paid. 

How It Works

First, your auto or home policy will step in after an accident. They will pay what they can up to their maximum. Then, if there is any leftover, the umbrella policy comes in to pay those overages. With this coverage, you are better protected and will pay less than you would if you added coverage directly to both of those policies. 

Get Umbrella Insurance 

To get an umbrella policy of your own, call us at Alan Farley Insurance LLC in Tulsa, OK.