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Under the Umbrella

Protect Your Family, Business + Possessions with an Umbrella Insurance Policy

An umbrella comes in handy for more than April rain showers. This stormy spring, consider protection for your family, business and possessions with an umbrella insurance policy, just-in-case coverage as explained by expert Brent Phelan, president and CEO of the Phelan Insurance Agency, West Chester Office.


What is an umbrella policy?

Umbrella insurance is additional coverage for liability claims above and beyond the limits of other liability insurance policies you may also have.

Why should we add this policy to our insurance plan?

Umbrella insurance is a relatively inexpensive approach to increasing your available coverage limits for the liability coverages included in your Homeowner’s and Personal Auto policies in the event you cause, or are accused of causing, an accident resulting in significant property damage and/or bodily injury to another. It is extremely important for asset protection, especially for some items that are not covered under basic policies.     

Who should get this type of coverage?

While everyone could benefit from an umbrella, higher liability limits are critical for those with considerable assets or on career paths likely to result in the accumulation of assets. We see more and more claims involving property damage to vehicles valued at greater than $100,000 as well as hospitalization costs for people injured in auto accidents totaling even more. Settlements for loss of life routinely exceed $1,000,000. You are personally responsible for anything above your insurance limits.  

What are the important factors to consider?

The first consideration is the limit of your current liability policies. Do you already have enough coverage to protect your assets from the maximum probable value of an accident you might cause? 

Second, what is the value of your current assets? The higher the value of your assets, the higher the coverage limit you should have. 

Third, do you have a job that generates an above-average wage? If so, this is another reason to consider a higher limit. 

“Umbrellas are often less expensive than people expect,” Brent shares. “The important thing to remember is that they are like a real umbrella: you take it with you in case it rains and hope you never need it.”

Discover the insurance policies that will work best for you and your future—get a quote from Phelan Insurance Agency to add this safeguard to your policy.

“The important thing to remember is that they are like a real umbrella: you take it with you in case it rains and hope you never need it.” - Brent Phelan