Umbrella Insurance: What You Need to Know

No, umbrella insurance isn’t some new form of insurance intended for a person’s rain gear in Rockville, MD. It’s a form of insurance that gives people an extra bit of liability insurance to protect their assets in the event of an accident. It might not be necessary, but it can prevent a serious problem in the future. 

1. Can People Get it On Their Homeowner’s?

Yes, people can get it on their homeowner’s, which protects against issues including property damage and bodily injury. People can get it on their car or boat insurance as well. 

2. Does it Pay the Legal Fees of a Lawsuit?

The policy may even cover legal fees accrued as a result of a lawsuit. If the person goes to jail, it may even protect against lost wages. 

3. Is it Required?

No, umbrella insurance isn’t a requirement. However, it’s important to have to protect a person’s assets since a lawsuit that exceeds insurance policy limitations puts the person at risk of being responsible for excess charges. This puts the person’s assets at risk for the amount of charges that were not covered by insurance.

4. How Much Umbrella Insurance Should be Obtained? 

There isn’t one answer that fits everyone’s needs. It depends on the risks the person faces each day such as if they drive on a dangerous road or have a pool in their yard. The value of the person’s assets should be taken into consideration. The person needs enough coverage to protect, so assets aren’t seized. The potential for a future loss of income should be taken into count as well. 

To learn about umbrella insurance or to put it on a policy, contact Wellspring Insurance Network Inc. in Rockville, MD at 240-848-0355. 


Term Life Vs. Whole Life Insurance – A Look at Both Choices

Wellspring Insurance Network Inc. takes Life Insurance seriously and approaches each new client with care and quality making certain to give them the necessary attention to make an informed choice on what type of Life Insurance fits their particular situation best.

Does Term Life Insurance Make a Better Life Net For Your Insurance Needs?

Term life Insurance is the type of policy that is designated for a particular term. A person who has a term life policy typically pays a contracted premium for the term of the insurance. Once the term expires the policy must be reevaluated and reinstated for an additional term. A specific amount is paid to the designated beneficiary if the insured dies while the policy is in effect. The causes of death are clearly outlined in the contracted terms of the policy.

Is Whole Life Insurance a Better Choice For You ?

Whole life insurance does offer an amount payable upon the insured’s death however, there are many general differences between the two policies. Whole life builds cash value with the passing time and the payment of premiums. Monies for set events can be borrowed against this policy using the value of the policy as the collateral base. As a result the value of the policy increases with time.

Typically both types of policies take into consideration the age, health and vocation of the individual to be insured. As a person grows older or if they are employed in certain vocations that have inherent risk involved, premium rates may be higher. The nuances of life insurance are best navigated by the professionals here at Wellspring Insurance Network Inc.  Our assistance equals smooth sailing over the currents of life insurance choices.