Most people probably don’t buy insurance policies due to many myths. All insurance policies have different misconceptions, and umbrella insurance is not exceptional. Umbrella insurance is extra coverage that covers your already existing policies, making it an insurance policy with many myths and misconceptions. If you are one of the many people who have some difficulty understanding this policy, read the article. At Aspen Gold Insurance Brokers, our goal is to debunk the myths about umbrella insurance. You will, as a result, have a clear picture of the policy you are about to purchase to make an informed decision.
Myth#1: Umbrella insurance is expensive
Umbrella insurance steps in when your other liability coverages deplete, making it super affordable. Purchasing umbrella insurance could be cheaper than most typical insurance policies.
Myth#2: Umbrella insurance replaces your home, boat, or auto liability coverage
For clarity, umbrella insurance isn’t a stand-alone insurance policy. Umbrella insurance rides on other insurance policies, such as home, renters, and boat insurance. So, umbrella insurance doesn’t replace your conventional liability coverage — it boosts it.
Myth#3: Umbrella insurance is for wealthy people
Umbrella insurance offers protection to everyone. It is a safety net that guarantees security in case of high liability claims. It also protects you from non-covered events like slander, which can happen to anyone, regardless of their financial status.
Myth#4: Umbrella insurance covers electronics, jewelry, or works of art
Umbrella insurance does not cover your personal property. If you want to protect your personal property, you need to purchase renters’ or homeowners’ insurance.
Umbrella Insurance in Colorado
Umbrella insurance is suitable for everyone, especially if you own a car, home, pets, or even have savings and assets. Clarifying these myths about umbrella insurance makes you confident about purchasing one and seeing its benefits. Ready to purchase umbrella insurance in Colorado? Contact us at Aspen Gold Insurance Brokers for a quote.