Category: Umbrella Insurance

Umbrella insurance, also called excess liability insurance, protects you from significant catastrophes that exceed your standard insurance policies. At Atrium Insurance Group in Centennial, CO, we offer umbrella insurance. 

Umbrella Insurance Basics

You’ll need to have the maximum coverage limits for your auto and home policies to get an umbrella policy. Most policies have a maximum coverage limit of $500,000. 

If you are liable for damage or injuries that exceed that, you are liable for the difference. For example, you cause a 10-car pileup on the interstate. You have $500,000 in auto insurance, but the damages are $1 million. Without umbrella insurance, you’ll owe $500,000. 

This is concerning because a judge can order you to give up your assets to pay the costs you owe. 

Umbrella Insurance and Net Worth

Experts typically recommend that you have an umbrella policy if you have a net worth of $500,000 or more. Add all your assets, including bank accounts, investments, and homes, to determine your net worth. Then, subtract any debts you have. This is your net worth. 

It’s wise to protect your net worth with liability coverage. If you have a $1 million net worth, a $1 million umbrella policy may be sufficient. However, it would be best to consider umbrella insurance even with a lower net worth. 

Consider Your Future 

Why would you need an umbrella policy that exceeds your net worth? If you owe money due to a liability claim, a judge can order your future earnings to be garnished in addition to taking your current assets. 

This can have a significant impact on your current and future financial stability. 

Umbrella Insurance with Atrium Insurance Group 

If you need umbrella insurance in Centennial, CO, contact Atrium Insurance Group. Our expert agents are here to discuss your needs and help you select the right policy for your situation. 

Have you been shopping for umbrella insurance but aren’t sure what to look for on your policy? We can help you manage that understandable confusion at Atrium Insurance Group. Our team can help Centennial, CO businesses understand their policy and its unique coverage and scope.

Liability Limits 

A high-quality umbrella insurance policy will extend your liability coverage beyond your initial policy, sometimes by extensive amounts. That can help you if you get into a lawsuit or if you have to pay for someone’s medical therapy or repair charges. However, even large umbrella policies have limits, as extensive as they might seem. As a result, you must pay attention to these levels to get the coverage you deserve.

Copays 

Every insurance policy has multiple copays that affect your policy and its quality. For example, you have to pay not only your premium but any specific costs towards your liability. These may include a specific minimum payment you have to reach before your policy kicks into play. Thankfully, umbrella policies cover such a high amount of money that they’re more than worth buying.

Limitations on Coverage 

While an umbrella policy is an extensive and high-value addition to your liability, there are certain limitations to consider. For example, most won’t cover illegal or deliberate acts that might affect your liability. This may include purposefully damaging your facility to get paid. However, other limitations may consist of specific types of protected individuals, so read your coverage carefully.

Finding a Smart Policy

Our team at Atrium Insurance Group can help Centennial, CO, business owners find strong umbrella insurance policies. Please don’t hesitate to contact us today to learn more. With our help, you can work through your insurance purchasing process and get the policy that makes sense for your needs.

Living in Centennial, CO, most people are just trying to make the best of every day. Unfortunately, bad things sometimes happen, and those bad things can come with additional issues, like liability claims.

If you are on the hook for liability damages, or if you think you’re at risk of liability damages, you want to get your insurance involved. At Atrium Insurance Group, we see these scenarios a lot, so we’ve made this guide to help you understand how an umbrella insurance claim works.

How Do Umbrella Insurance Claims Work?

Notify Your Provider

When you make an umbrella insurance claim, it starts with notifying your insurance provider. As soon as you think that you need to make a claim, then go through that process. This could be because you were served with court papers. It could be because you believe such an event is on the way. 

When you contact your insurance provider, they will discuss with you what your coverage is and what process is necessary to file the claim. Ultimately, they will pair you with an insurance adjuster, and that person will be your primary resource for the claims process.

Work With Your Adjuster

Once you are paired with your adjuster, they can manage the claim (or even multiple claims). For starters, they will review the situation and see if you need an umbrella claim at all. Many insurance policies (including auto and home policies) include a certain amount of liability coverage. You will only need an umbrella claim if your liabilities exceed the other policies.

If that is the case, the adjuster will stay with the case through to its conclusion. Liability damage usually comes at the end of legal proceedings. You may have to go through a civil court or settlement process, and at the end of that, you will know the exact liability damages. Your adjuster will stay in the loop so that they can distribute your coverage as needed.

We Are Here To Help!

Naturally, any liability case, and each insurance policy, will be unique. There is no exact set of steps, but this is the general process you can expect. So, if you want to ensure that you have good liability coverage in Centennial, CO, contact your Atrium Insurance Group representative to review your coverage and options.

Do you live in or near the Centennial, CO area? In the event of a lawsuit, do you think you have enough liability insurance coverage or savings to settle the claim? Let the insurance professionals at Atrium Insurance Group explain why umbrella insurance is a good investment.

Why Umbrella Insurance?

Basically, umbrella insurance is an added layer of protection beyond the limits of your existing policy coverage and limits. It provides coverage for property damage, injuries, lawsuits, and personal liability scenarios.

For example, if you cause a car accident in which the passengers of the other vehicle were severely hurt, would your current car insurance liability coverage be enough to compensate? If the accident results in a lawsuit, the financial implications are great. If your liability coverage on the car insurance policy is $100,000 and you are being sued for $1 million, then what?

Umbrella insurance would pay an additional $900,000. There would be no need to touch your savings, sell your house, or cash in your retirement. The extra protection you wisely purchased would take the hit – not you.

Individuals who are fortunate enough to have a significant amount of money or assets especially need umbrella coverage. You haven’t worked hard, so the fruits of your labor could be given away to another individual.

It is recommended that you purchase enough umbrella insurance to cover the amount of your assets. For example, if you have assets totaling $5 million, you purchase $5 million worth of umbrella coverage. This protects your possessions, your checking and savings accounts, college savings, retirement and investment accounts, and the equity you have built in your home.

Give Us A Call

Let the insurance professionals at Atrium Insurance Group in Centennial, CO provide you with a quote or answer any questions you may have. Contact us today – we are here to help.

Umbrella insurance is used to give you extra protection. It goes above and beyond your typical insurance, whether it is your home, auto, or business insurance. 

So, why would you need the extra coverage? Atrium Insurance Group in Centennial, CO provides this guide on navigating the extra protection you may need for your home, business, or vehicle. 

Here are some reasons why you need umbrella insurance:

You own some expensive collections

This may be a piece of jewelry that is worth a lot of money, though it can also be expensive art or something else that would be quite expensive to replace. 

You own a trampoline or swimming pool, which could lead to serious injuries

You are going to want extra liability to help you cover any injuries that may occur with them. 

You may even want some extra coverage if you have a dog

If your dog bites or hurts someone, you could be held liable, so you may want to look into getting extra coverage. 

If you are active and do some sports that are considered dangerous, you may want to consider extra coverage

Many people whose hobbies can cause them injury or death should consider getting umbrella insurance.

Contact Us Today

Your insurance policy is likely to have a maximum that they will pay. If you have a piece of jewelry (or multiple pieces), you are going to need extra coverage in order to replace them. You also should consider extra liability insurance if someone could get hurt on your property, whether that is from playing on the trampoline or playing with the dog. It can also help if you are involved in dangerous sports. You don’t want to leave your family high and dry if something happens to you! 

If you want to make sure that you are fully protected, don’t hesitate to contact us today at Atrium Insurance Group in Centennial, CO. 

Everybody knows how crucial it is to have liability insurance in place in case of an unfortunate event. And that’s why most people have liability coverage in their auto, business, home, or boat insurance. However, the maximum liability coverage offered by these policies may not be enough to cover costly lawsuits or specific injuries. In light of this, you need to invest in umbrella insurance.

Umbrella insurance is that additional liability policy that kicks in when your other coverages get exhausted. Purchasing umbrella insurance from Atrium Insurance Group in Centennial, CO comes with a host of benefits, including.

Asset protection

The main aim of purchasing umbrella insurance is to protect your assets in major calamities like lawsuits. The more assets you possess, the more you need umbrella insurance. Not only do businesses get sued for thousands of dollars, but individuals too are vulnerable to lawsuits. Luckily, with umbrella insurance, your assets are safe. 

Provides additional coverage

Like mentioned, umbrella insurance comes in handy when other insurance coverages get depleted. Additionally, it covers occurrences that your other liability policies don’t have, such as libel, slander, wrongful arrest, and defamation.

It gives peace of mind

Like any other insurance coverage, umbrella insurance instills that peace of mind from the additional security it offers. With umbrella insurance, you don’t have to live on the edge wondering if your assets are safe.

It’s affordable

The fact that umbrella insurance kicks in when other policies get depleted makes it significantly affordable. For example, for $1M liability coverage, it will cost you a fraction of the price you pay for your home or auto insurance coverage.

Umbrella insurance in Centennial, CO

Don’t wait until your assets are at risk. Secure them today! All you have to do is buy umbrella insurance from Atrium Insurance Group.  If you are in Centennial, CO, and its surroundings, please contact us today for an affordable quote.

Ensuring that you and your family have the protection you need in the event of a calamity in the greater Centennial, CO area means discussing your entire insurance portfolio with an Atrium Insurance Group agent to see if an umbrella insurance policy is the right protection for you and your family.  Many people believe that a combination of their homeowner and auto insurance policies will protect them in the event of a disaster. Still, most insurance policies come with limits, and an umbrella insurance policy is designed to cover any lapse in coverage from your other policies.

How Can Umbrella Insurance Coverage Protect you in Centennial, CO?

When it comes to insurance policies and liability limitations, it is easy to assume that your existing home and automobile insurance will cover you in the event of a problem. Should your bills outstrip the coverage afforded solely by these two policy types however, you will be held personally liable for any cost beyond your coverage.

This is where umbrella insurance coverage comes into play.

An umbrella policy offers added protection when other policies exceed your base limits, but bills keep coming in after the insurer stops paying on your home or auto policy. Additionally, umbrella coverage can be used to cover unexpected, ancillary cost such as alternative housing, meals, and other expenses that would not have been incurred had an accident or disaster leave you unable to live in your current dwelling.

Contact Atrium Insurance Today to Discuss an Umbrella Policy

If you have questions about the amount of insurance you need to protect you and your family from uncovered liability owing to unexpected catastrophes, you need to reach out to our friendly, and knowledgeable team of agents here at Atrium Insurance Group. Let’s look to see whether an umbrella insurance policy will provide you with the level of protective coverage you need here in Centennial, CO.

Umbrella insurance in Centennial, CO might sound as though it will cover everything. When you think of it, you might picture a great big tarp that goes over nearly everything in your life. When something goes wrong, you just call your umbrella insurance carrier to make it right again. But the reality of this policy is a little different than you might be thinking. Atrium Insurance Group wants you to know if it will cover your personal property. 

Umbrella Insurance Is Meant for Liability 

When you first sign up for insurance, you’re usually met with policy limits. These limits are something that you may or may not spend a lot of time considering, though, simply because it’s not easy to go through every detail of your contract. 

The limits that are most often contested are those of liability. When lawsuits can drag on for months and cause unknown havoc in people’s lives, the goal of umbrella insurance is to extend your coverage limits in case you need to. 

Knowing the Rules

Umbrella insurance doesn’t directly cover personal property, but it can give you the resources you need to keep what you have. Instead of having to choose between dropping a liability case or selling your things, you can use umbrella insurance as a way to keep you protected. 

Atrium Insurance Group knows that umbrella insurance isn’t necessary for everyone in Centennial, CO. Typically, it’s been popular amongst high-profile people in a community, those who would be more likely to be accused of wrong-doing. If you have questions about whether this policy is right for you or not, give us a call today to discuss our plans or to ask more questions about how it’s applied to the policy holder’s situation.