Umbrella Insurance: Protect Your Assets in Northern KY | S Cohen Insurance

Umbrella Insurance in Northern KY | S Cohen Insurance Agency

Do you have enough liability insurance to protect yourself and your assets from costly lawsuits and claims? If you own a car, a home, or a boat, you may be exposed to risks that exceed the limits of your existing policies. That’s why you need umbrella insurance from S Cohen Insurance Agency.

What is Umbrella Insurance?

Umbrella insurance is a type of excess liability insurance that provides an extra layer of protection beyond your standard policies. It can cover you for injuries, property damage, certain lawsuits, and personal liability situations that you may cause to others.

For example, if you cause a serious car accident that results in severe injuries and property damage for multiple people, your auto insurance may not be enough to cover the medical bills, repairs, and legal fees. Your umbrella insurance can kick in and pay the difference, up to your coverage limit.

Why Do You Need Umbrella Insurance?

Umbrella insurance can help you avoid financial ruin if you are sued for damages that are above your primary liability limits. Without umbrella insurance, you may have to pay out of pocket or sell your assets to cover the costs. This can affect your savings, your retirement, and your future.

Umbrella insurance can also protect you from situations that are not covered by your base policies, such as slander and libel. Slander and libel are false statements that harm someone’s reputation. If someone accuses you of slander or libel and sues you for defamation, your umbrella insurance can help pay for your legal defense and damages.

How Much Umbrella Insurance Do You Need?

The amount of umbrella insurance you need depends on your personal situation and risk factors. You should consider your net worth, your income, your assets, and your lifestyle. The more you have to lose, the more umbrella insurance you need.

A good rule of thumb is to have enough umbrella insurance to cover your net worth plus any potential future income. For example, if your net worth is $500,000 and you expect to earn $50,000 per year for the next 10 years, you should have at least $1 million of umbrella insurance.

How Much Does Umbrella Insurance Cost?

The cost of umbrella insurance varies depending on several factors, such as your coverage amount, your deductible, your location, and your risk profile. However, umbrella insurance is generally affordable compared to the amount of protection it provides.

According to NerdWallet, the cost of umbrella insurance typically starts around $200 per year for $1 million of coverage. For each additional $1 million of coverage, the cost increases by about $100 per year.

How to Buy Umbrella Insurance?

If you are looking for umbrella insurance in Northern KY, look no further than S Cohen Insurance Agency. We are an independent agency that works with multiple carriers to find the best coverage and price for you. We have over 20 years of experience in providing personalized service and expert advice to our clients.

To buy umbrella insurance from S Cohen Insurance Agency, you must first have a standard homeowners, auto, or watercraft policy with us or another carrier. Then, we will review your existing policies and assess your liability needs. We will help you choose the right amount of umbrella insurance for your situation and budget.

Contact us today for a free umbrella insurance kentucky quote and consultation. We are here to help you protect yourself and your assets from unexpected disasters.