The more your earning power and assets increase, the more you have at risk, and therefore, the more you need to protect. Kansas homeowners and automobile insurance provides a minimum limit of liability coverage. An Umbrella policy from PlatinumOne Insurance Agency provides coverage above the limits of your “primary” home and auto policies.
Many people are unsure what an Umbrella policy is or what it covers. When you are outside and there is a light rain or breeze you generally don’t need or want an Umbrella. However, if it is pouring down rain with high winds, you need your umbrella. An Umbrella Insurance policy works much the same way. Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an Umbrella protects you from heavy rain, an Umbrella Insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. A clear advantage of an Umbrella policy for Kansas residents is the coverage’s ability to “drop down” and fill in the gaps in underlying policies.
Certain lifestyle pursuits such as volunteering for nonprofits can increase your risk of being sued, necessitating the need for higher personal liability limits. Also if you own a boat, RV, motorcycle, or have a pool, you may way to consider higher limits. If you have a high net worth it is advisable to protect your assets with a personal Umbrella policy. The cost for a $1,000,000 or $5,000,000 is reasonable and well worth it.
Kansas Umbrella insurance policies provide broad coverage beyond traditional home and auto. They provide additional liability coverage above the limits of your Kansas homeowner’s, Kansas auto, and Kansas RV, or boat insurance policies.