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Bogden Insurance Agency wants to help you understand the advantages of obtaining umbrella insurance for both personal and commercial use in Berlin, CT. Purchasing an umbrella policy provides liability coverage that can prevent you from paying a settlement out of pocket. This financial security blanket becomes increasingly important as you age because financial stability is critical with less time to recover monetarily from a liability claim paid out of pocket.
The Consequences of No Umbrella Coverage
Without umbrella coverage, an accident occurring when you’re 30, causing liability, may force you to exhaust your retirement fund, investment portfolio, or savings account to pay the settlement. Based on NerdWallet’s data, a person aged 35 typically has retirement savings of $49,130. Even if you decimate the account, if you retire at age 70, you could replenish it by investing just $102.35 per month on top of your usual monthly deposit.
Now, consider a liability-causing accident happening when you’re 60, without umbrella coverage. At this age, the average retirement fund contains about $537,560, as per NerdWallet. With only ten years left to reimburse yourself before retirement, you’ll need to add roughly $409.41 monthly, on top of your regular deposits, to repay your account.
How Umbrella Insurance Can Help
The same scenario featuring umbrella coverage plays out very differently. You pay a few dollars per month for a $1 million umbrella policy. If a liability-causing accident happens, the policy pays the settlement after your primary policy reaches its maximum. Your retirement fund, investments, and savings remain intact.
At Bogden Insurance Agency, we strive for a secure outcome for our neighbors in Berlin, CT. We can help protect your financial security with an umbrella policy. It can complement your auto insurance, home coverage, and any other primary policy with our agency. It’s worth reaching out today to secure your future.
