Do you have liquid assets of $1 million or more in addition to the value of your home? If you do, you are in Ohio’s top 5%, the 261,000 households in the state with disposable assets of $1 million or more.
If you are one of these high net-worth individuals, the Ohio state minimum liability coverage for your car is absolutely not enough. Even higher-limit coverage of $100,000 per person and $300,000 per accident may not protect you from a super-sized judgment if you cause an accident that results in a death or serious injury and you are found liable by the court.
You may need umbrella insurance from Schneider Insurance Agency, which has been serving Neward and Gahanna, OH, and all of Central Ohio for over half a century.
What’s umbrella insurance?
Umbrella insurance gives you liability coverage beyond what you can get from any single policy.
We routinely write policies for $5 million in umbrella coverage and even more for our high net-worth customers. You have to carry traditional auto or homeowner insurance to qualify for an umbrella policy, but if you do, we may be able to protect you from liability not just from catastrophic accidents in which you are found at fault but also for:
- Damage to rented vehicles you transport with your car, such as a boat.
- Your other policies don’t cover incidents such as pain and suffering or libel.
- Incidents in Canada or throughout the world.
Umbrella insurance premiums are a lot less than the potential losses they protect against.
You will usually need to get your umbrella insurance from the same insurance company as your other policies. This limits your ability to shop around for better rates, but your professional insurance agent can help you get the lowest total premiums for the coverage you need.
Whether you are in Newark, Gahanna, or anywhere in Ohio, the Schneider Insurance Agency represents the companies you need and has the expertise you need for your financial security. Call us today to discuss your umbrella policy!
