Wellman Shew Explains Why Umbrella Insurance is a Must
Umbrella insurance is a commonly forgotten insurance policy. Insurance Agency Manager Wellman Shew explains why it’s a must for residential and commercial clients alike.
Insurance policies are expensive, which means that many people try to cut corners to save money on premiums. When this happens, the policies don’t have enough coverage for some of the larger claims.
Every insurance policy has insurance limits, as Wellman Shew explains. The owner of Shew & Company Insurance Services urges everyone to look at the details of a policy to see how much the insurance company will pay out in the event that a claim is filed.
If the total damages add up to more than the maximum payout in the policy, the remainder becomes the financial responsibility of the insured…or the at-fault party. In some instances, the remainder can add up to thousands if not tens of thousands of dollars.
Wellman Shew recommends an umbrella insurance policy as a way to prevent a person or company from going bankrupt over a single insurance claim.
What is Umbrella Insurance?
Umbrella insurance is described as the kind of insurance that is needed for a rainy day. Everyone assumes that nothing bad will happen to them, so they skimp on their insurance needs. Wellman Shew explains that umbrella insurance serves as the umbrella over all of a person’s individual policies.
In the event that auto insurance, home insurance, or even medical insurance doesn’t cover the full extent of a claim, umbrella insurance will step in to cover the additional expenses.
There are countless options when creating an umbrella policy in terms of what policies it will cover as well as how much the policy should be worth. While some people choose small coverage levels, others choose larger ones. It is often dependent on the value of existing policies.
Agency Manager Wellman Shew Identifies the Benefits
Umbrella insurance is often forgotten because it’s not a common policy. Most insurance agents don’t sell it or promote it because the average insurance customer is looking to save money – not spend money on added coverage.
There are considerable benefits to the policy, however.
- Affordable premiums
- Prevents having to pay out of pocket
- Adds coverage to multiple policies
Agency Manager Wellman Shew has worked extensively with companies on group employee benefit programs. He has also worked with personal insurance and business and estate life insurance. He has seen firsthand how one claim can be filed that far exceeds what most people can afford.
His recommendation to everyone is to look at the coverage levels of all policies. An umbrella policy can be added with an affordable premium. And the protection that it can offer will pay for itself within one claim being filed.