As a senior, you likely have worked for years to save money for your retirement, enabling you to focus on family and other activities you enjoy rather than worry about money. Unfortunately, many seniors are unaware of how umbrella insurance can be a low-cost method to protect their assets and keep life worry-free. Whether you have already retired or expect to soon, contact The Merhar Agency LLC team, serving Willoughby, OH, area residents. We will help you understand the benefits of umbrella insurance benefits for people of all ages.
Understanding How Umbrella Insurance Benefits Seniors
Insurance, in general, protects us against unexpected events. Accidents happen no matter how careful we are, and those accidents can leave us liable for damages. Our home and auto insurance policies typically cover those liabilities, but some accidents lead to damage exceeding our policy limits. While serious accidents are rare, you must pay for the damages that exceed your policy limit if you are responsible. Those situations can include sizable amounts and put our savings, home, and other investments at risk.
While serious accidents can occur at any age, they are particularly troubling when seniors are liable because they are past their top earning years and cannot rebuild their assets. Umbrella insurance eliminates that risk by extending your policy limits. Since there is a low number of umbrella insurance claims, the policies often cost $150 to $300 annually (for $1 million in coverage) despite providing peace of mind and extra protection.
Working With The Merhar Agency LLC
Umbrella insurance is an affordable way to protect your family and assets. If you live in or near Willoughby, OH, visit The Merhar Agency LLC team or call us at (440) 946-2040 to discuss how umbrella insurance can benefit you.
