Answering the Most Frequently Asked Question About Umbrella Coverage: Who Need Umbrella Insurance?

KEY TAKEAWAYS:

• Who needs umbrella insurance? Let’s break it down:
  • Umbrella Insurance Basics:
    • Provides extra liability coverage beyond existing policies, if not specifically excluded on your umbrella. Always check your policies for exclusions.Not just for the wealthy – everyday folks benefit too.
    Who Needs It?
    • Homeowners: Protect against accidents on your property.Car Owners: Cover damages exceeding auto insurance limits, if you are at fault for an accident.  Please check your policy for exclusions.Pet Owners: May guard against liability for pet-related incidents.Landlords: Safeguard rental properties from tenant-related risks.High-Net-Worth Individuals: Protect significant assets from lawsuits.
  • Why It’s Important:
    • Acts as a safety net for life’s unexpected events.
    • Provides peace of mind and financial protection against lawsuits.
    • Better to have it and not need it than to need it and not have it.

“Umbrella insurance” ¾ maybe you’ve heard that term thrown around before, or maybe you’ve been seriously considering this type of coverage. But who needs umbrella insurance, really? Is this type of coverage for everybody? Is it right for you?  Let’s break it down together.

Umbrella Policy Basics

Consider this for a minute: you have your regular insurance policies for your car, your house, and maybe even your furry friend. But what if something major happens (like a lawsuit) and your regular coverage just isn’t enough to cover the damages? That’s where umbrella insurance can help. Think of it as an extra layer of protection that offers coverage where your other policies do not. So, whether it’s a gnarly car accident, a slip-and-fall on your property, or your dog getting a little too nippy with the neighbor, umbrella insurance has you may have you covered in-full.

Who Needs Umbrella Insurance, Anyways?

Umbrella insurance isn’t just for CEOs or millionaires. It’s for everyday folks like you and me who want an extra layer of protection against life’s unexpected curveballs. So, who needs umbrella insurance? Let’s list a few types of people who would benefit most from this type of coverage:

1). Homeowners

If you own a home, then you probably already have homeowners insurance. But what happens if someone slips and falls on your property, or your dog decides to take a nip out of the mailman? That’s where umbrella insurance steps in to cover you when your homeowners policy maxes out.

2). Car Owners

Let’s face it: accidents happen. Even the most cautious drivers can find themselves in a fender-bender, or worse. If you’re at fault in a car accident and the damages exceed your auto insurance limits, umbrella insurance kicks in to cover the difference, saving you from financial ruin.

3). Pet Owners

Speaking of dogs, our furry friends can sometimes get us into trouble. If your pooch happens to bite someone, you could be looking at hefty medical bills and legal fees. Umbrella insurance can (or may) help cover these costs, so you can focus on getting Fido the training he needs (and maybe a few extra treats).

4). Landlords

Renting out your property can be a lucrative venture, but it also comes with risks. What if your tenant throws a wild party and damages the house, or worse, someone gets injured on your property? Umbrella insurance provides an extra layer of protection for landlords, ensuring that you’re not left footing the bill for someone else’s mistake.

5). High-Net-Worth Individuals

Umbrella insurance is a popular choice amongst the wealthy. But even if you’re not rolling in the big bucks, you can still benefit from an umbrella policy. If you have significant assets like savings, retirement accounts, or valuable property, umbrella coverage is a smart investment to protect your hard-earned wealth from lawsuits and costly accidents.

Get a Quote on Umbrella Insurance Today

So, who needs umbrella insurance? The answer is simple: most people! If you have assets that are valuable enough to you to protect, then it’s worth considering umbrella coverage. But if you still have questions, then don’t worry. That’s what we’re here for!

At Avalue Insurance, we’re passionate about equipping our fellow Coloradans with insurance confidence. We’ll educate you about your coverage and help you determine whether or not an umbrella policy is right for you. Get in touch with us today to learn more! You can request a consultation right away, or reach us via phone or email:  

(303) 773-3332

info@avalueinsurance.com

Anyone who knows me knows that I love working with CrossPurpose. It’s the perfect opportunity for me to give back to the local community both as a business woman and as, well, a woman! But not many people know that I am also involved in CrossPurpose’s Change Agency program, acting as a mentor to aspiring entrepreneurs. I’m thrilled to be a part of the program, and I’m excited to share my journey as a volunteer and mentor.

Why I Love CrossPurpose

For those of you who are new here, CrossPurpose is a non-profit organization that is committed to abolishing poverty through various career and community development efforts. This neighbor-loving movement has seen over 929 alumni graduate from their Leader programs, and it has collectively generated over $20.7M in annual wealth. Since its inception in 2012, CrossPurpose has facilitated an average wage growth of 151%.

When I first discovered CrossPurpose, I knew it was the perfect fit for me. Since joining forces with this incredible organization, much of my time has been spent as a mentor, walking alongside the next generation of entrepreneurs. It’s been an absolute privilege to work with some of the most remarkable people that Denver has to offer, cheering them on as they defy the odds and pursue their career aspirations. Witnessing their unwavering resilience has been nothing short of inspiring, and to be honest, I can’t get enough of it! So, when I saw an opportunity to extend my reach through the Change Agency program, I took it.

Why I’m So Excited About the Change Agency   

In 2018, CrossPurpose launched a career development program called the Change Agency. It functions as an entrepreneurial training program for CrossPurpose graduates. This nine-month journey equips participants (known as “Change Agents”) with the tools, training, and coaching needed to develop their businesses. From ideation to financial planning, Change Agents receive comprehensive support at every stage of the entrepreneurial journey.

To date, the Change Agency has risen up 15 new companies and non-profits, seven of which have added 34 new jobs to Colorado’s economy. These companies continue to add value to our local economy, and they are currently serving over 5,800 Coloradans.  

The culmination of the Change Agency program is Pitch Night, a thrilling event where Change Agents present their ventures to a panel of expert “Dolphin” leaders and potential investors. (Think Shark Tank, but with less cameras and dramatic cutaways). This year marks our fifth-ever Pitch Night, scheduled for August 28, 2024. All of the funds raised on Pitch Night will go straight to the entrepreneurs after they have completed their pitches.  

As a mentor in the program, I’m rooting especially hard for my mentee this year: Mercedes Corvarrubias. With her troubled past behind her and a steadfast mission in front of her, Mercedes plans to start her own bookkeeping business for local businesses in the start-up phase. 

To me, Mercedes is not just a mentee; she’s an inspiration.

More on her story next time, though.

For more information on CrossPurpose and the Change Agency program, please visit their website here.

Which Coverage is Right for Me?

So, you’re thinking about getting life insurance. Smart move! But before you sign up for a policy, it’s important to understand the main differences between two very popular types of life insurance: individual term and permanent life insurance. While they’re both life insurance, they’re not one and the same. Knowing the difference can save you a headache (and maybe even some cash) down the line.

Individual Term Life Insurance

First up, we’ve got individual term life insurance. This type of policy is pretty straightforward – your policy covers you for a set period (usually anywhere between five and 30 years). If you pass away within that set period of time, then your beneficiaries get a payout. Individual life insurance policies are typically offer lower premiums, making them a particularly popular choice.

Permanent Life Insurance

With permanent life insurance, you’re in it for the long haul – your coverage lasts your whole life or up to a certain age like 101 (hence the name). It also comes with a cash value component, meaning a portion of your premiums goes into a savings account that grows over time.

Weighing the Differences

So, what sets individual and permanent life insurance apart? Well, besides the whole “temporary vs. lifelong” thing, there’s also the matter of cost. Individual life insurance tends to be cheaper upfront since you’re only paying for coverage for a set period of time. On the flip side, permanent life insurance can be pricier since it covers you for your entire life and includes that cash value component.

Now, here’s the million-dollar question: which one is right for you? Well, it depends on your needs and financial goals. If you’re young and healthy and just looking to cover your bases for a few decades, individual life insurance might be the way to go. But if you’re thinking long term and want the added security of lifelong coverage and a cash value component, permanent life insurance could be perfect for you

Don’t Go It Alone – Get Expert Advice!

Feeling a bit overwhelmed by the choices? Hey, no shame in that – life insurance can be confusing stuff! That’s where we come in. At Avalue Insurance, we’re a team of local insurance professionals in northern Colorado. We’re here to help you navigate the ins and outs of life insurance and find the perfect policy for you. Get in touch with us a call today and let’s get you the right coverage for you and your family!

Let’s face it: shopping for insurance isn’t exactly everyone’s idea of a good time. Whether it’s deciphering complicated jargon or sifting through countless policy options, there’s plenty to dislike about the process.

Being in the insurance industry ourselves, we’ve noticed several things about the insurance shopping process that we don’t like. And if you’re like most people, then you probably aren’t a fan of these things, either. Let’s talk about the top 10 things that we all hate about insurance shopping, as well as how you can navigate the insurance market more efficiently.

1). The Insurance Lingo Limbo

Have you ever felt like you need a dictionary just to understand your insurance policy? You’re not alone. The first thing that often irks people about insurance is the complex terminology. From “premiums” to “deductibles” and “exclusions,” it’s like learning a new language.

2). The Price Rollercoaster

Why does one policy cost a small fortune while another seems like a steal? Insurance premiums can feel like a mysterious black box where prices vary wildly. It’s frustrating not knowing why, and it makes comparing policies a headache.

3). Overwhelmed by Options

We love options, but sometimes, too many can be overwhelming. With numerous providers, policy types, and coverage options out there, choosing the right one can feel like finding a needle in a haystack.

4). Time-Eating Monster

Comparing insurance quotes and policies can be time-consuming. Who has hours to spare on a single decision, right? Time is precious, and we’d rather spend it on things we enjoy.

5). The Dreaded Premiums

We all know insurance isn’t free, but sometimes the cost can feel sky-high. High premiums can pinch your wallet, leaving you wondering if “affordable” policies actually exist.

6). Hidden Surprises

Ever thought you were getting a great deal only to discover hidden fees and extra costs later on? It’s like a nasty surprise party you didn’t want to attend.

7). Claiming Can Be a Pain

Filing an insurance claim can be a hair-pulling experience, especially if there are disputes. No one wants to jump through hoops when they’re already stressed.

8). Sales Push

Raise your hand if you’ve ever felt pressured by an insurance agent. Some can be a tad too pushy, making you wonder if they’re more interested in their commission than your needs.

9). Confusing Policies

Ever wished insurance policies were as clear as crystal? Lack of transparency can leave you scratching your head about what’s covered and what’s not.

10). Too Many Exclusions

It’s heartbreaking to discover that an event you thought was covered actually falls under the dreaded “exclusions” category. The feeling of disappointment is all too real, and it can catch you off guard if you don’t have a full understanding of your policy.

A Solution to the Madness

Insurance shopping can be a major headache, and it’s one that we are looking to help alleviate. At Avalue Insurance, we see the people before we see the policies. We aren’t looking to sell you a one-size-fits-all insurance package; we’re interested in helping you find a policy that meets all of your needs, not just the “essential” ones.   

Say goodbye to the frustrations, the jargon, and the hidden surprises. Our experienced team is here to guide you through the process, offering transparent policies tailored to your needs. Contact us today, and let’s make your insurance shopping experience a positive one!