If you have insurance protection for your car or home, you might think that paying your policy premium is sufficient. You have your set limits and make your monthly payment on schedule to keep your policy in force. However, there is another coverage that will go above and beyond the current protections that you have in place:  An umbrella policy. This coverage gets its name because it is equivalent to wearing a raincoat and boots but still carrying an umbrella. It provides additional protection against risk so that you can be as covered as possible. Use this information to learn more about why now is the right time for you to get an umbrella policy:

An Accident Could Be More Costly Than You Think

The main reason why you need an umbrella policy is that an accident could end up being much more costly than think. Assuming liability can be very expensive and you want to do everything in your power to provide financial coverage just in case something were to happen.

For example, if you have an automobile policy that provides for up to $25,000 dollars in property damage, you might think that's more than sufficient. However, things are more expensive than ever, with the average cost of a new car checking in at just over $33,000 dollars. What this means is that if you're found responsible for an accident and you don't carry enough liability protection, you could be on the hook for the excess.

That's why it's such a good idea for you to get an umbrella policy. Where your traditional car insurance policy leaves off, the umbrella policy will kick in. The policy often has limits that you just can't get with just your car insurance policy. 

Legal Fees Are Also An Issue

When you're thinking about insurance you might just assume that it covers things like property damage and bodily injury. However, you also have to factor in the very real risk that you'll be sued by an individual who comes onto your property and injures themselves in some way. You'll need an attorney and the umbrella policy provides coverage for legal fees so you won't have to worry about finding the money to get legal representation.

An umbrella policy is a sound investment that you don't want to miss out on. Contact an insurance provider like All Risk Insurance Group today for more information and assistance.