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NorthGroup Insurance Services, Inc

13903 S Old Statesville Rd
Huntersville, NC 28078

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3824 Barrett Dr, Ste 101
Raleigh, NC 27609

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When should I start considering an umbrella insurance policy?

Umbrella insurance is a key consideration for a variety of people. However, it becomes an even more important investment when you have substantial assets or property holdings. A good rule of thumb is to start considering an umbrella policy purchase when your total assets exceed the amount of liability insurance you possess. This includes liability coverage on home and auto policies. Umbrella policies are available with various amounts of liability protection. To ensure you buy a policy capable of meeting your needs, visit Young Insurance Associates Inc serving Raleigh, NC to discuss options.

What do you mean assets? 

For the purpose of liability, your assets include anything able to be accessed if you were sued for damages resulting from a wreck, accident, or professional conflict. Assets excluded from tapping in a civil lawsuit vary from state-to-state. The most consistent exclusion is limited to employer-sponsored retirement plans. Everything else needs to be considered an asset worth protecting, and it’s best to consider covering your retirement holdings as well. Laws can always change, and you do not want to lose your safety net.

Common assets will be your home, properties owned, vehicles, recreational vehicles, watercraft, furniture, artwork, jewelry, cash, stocks, and other forms of savings and collections. When you speak with an agent regarding policy options, you can review a full range of asset types. 

Should I have an umbrella policy if I have few assets? 

If you work in an industry with a high-risk for a lawsuit, such as communications or law enforcement, many umbrella policies also provide liability protection if you are sued. Whether it’s a libel, false arrest, or slander allegation, this coverage serves as key protection and helps provide a legal defense for you. 

How do I buy an umbrella policy? 

Different insurance companies feature different policy terms. It is common to require "maxed out" liability on existing policies for automobiles and your home or rental. The umbrella policy then steps in to provide liability coverage in various increments — typically of $1 million. 

Still have questions?

Young Insurance Associates Inc serving Raleigh, NC has answers, and we’re ready to take a call to discuss coverage options with you.