Umbrella Insurance in Connecticut

You have worked so hard in life to build enough assets to see you through your retirement. But because you have read in the news or have seen friends who have lost everything because of lawsuits, you are a worried fellow. It's understandable to be wary of lawsuits because they can strike anywhere and anytime in the litigious society that we live in.

Are you worried that a lawsuit could wipe your hard-earned assets? You can protect yourself with umbrella insurance from Stratos Wealth Partners in Danbury, CT. But how exactly does umbrella insurance work? We will explain.

What is umbrella insurance?

It's extra liability coverage that protects you and your family members against significant claims exceeding the limits of typical liability coverages like your home, boat, or auto insurance. Just like an umbrella protects you from rain, umbrella insurance protects your wealth by covering gaps left by your current liability coverages.

Ultimately, umbrella insurance protects you when accused of:

  • Property damage
  • Bodily injury
  • Personal liabilities like libel, false arrest, and slander

Additionally, umbrella insurance covers legal costs, including lawyer fees and settlement claims.

How does umbrella insurance work?

Umbrella insurance is liability coverage — it covers other people but not you and your property. To understand how umbrella insurance works, imagine this scenario. You are driving your vehicle and suddenly lose control and hit three parked saloon cars. In the process, you also injure six bystanders.

Because you are at fault, you are responsible for the property damage and bodily injuries that amount to $600,000. Worse yet, one of the drivers goes ahead to sue you for damages amounting to $400,000. Suddenly, one accident cost you $1million in liability claims. While your car liability insurance has $500,000, the uncovered $500,000 will have to come from your pocket!

Luckily, you don't have to plunge into debts or sell your assets to cover the deficit if you have umbrella insurance. This insurance coverage protects your assets and future income when lawsuits come knocking on your doors.

Umbrella insurance in Connecticut

Would you like to protect your wealth from lawsuits? Don't hesitate to get in touch with Stratos Wealth Partners in Danbury, CT to purchase umbrella insurance.