What do seniors have to lose? Unfortunately, the answer often is “a lot,” so seniors should consider umbrella insurance to protect the assets they worked hard to accumulate. While this article describes the value of umbrella insurance for seniors, everyone with The Morrow Insurance Agency, serving Mesa AZ, will be happy to discuss whether umbrella insurance should be part of your insurance plan.
How Umbrella Insurance Helps Seniors
Accidents happen despite our best intentions, and we buy home and auto insurance to protect us against the unexpected. Arizona is an at-fault state, so your auto insurance policy covers your liability when others suffer losses in an accident where you have responsibility. Your home insurance covers similar liability for injuries that occur in your home.
However, your home and auto policies limit the amount of liability they cover. If an accident results in liability exceeding your policies’ limits, you are responsible for the difference, potentially leaving your retirement savings, home, and other assets vulnerable. This situation is especially a problem for seniors past their prime earning years.
That’s where umbrella insurance can help. Umbrella insurance sits atop your other policies and kicks in only when you exceed their limits. This layer of protection is seldom needed, so umbrella insurance is relatively inexpensive. Still, it provides a comforting layer of protection for you and your assets.
Working With The Morrow Insurance Agency
Knowing you and your family are protected is comforting in a world where anything can happen. So, if you live in Mesa AZ, and want to discuss the protection offered by umbrella insurance, the team at The Morrow Insurance Agency stands ready to help. Call us today to discuss a plan that makes sense for you.
