(800) 253-1482Colorado Umbrella Insurance
When you’re found liable for the loss of another party, not having the right protections in place can be devastating to your financial well-being. Not only are you at risk of paying for hefty expenses, but there are several risks involving your financial assets at stake. This is what makes Colorado umbrella insurance so important for residents of The Centennial State.
Freedom Insurance Group is here to help through affordable coverage that protects you from such risks, and there are several that you can face. After an automobile accident, due to the accidental destruction of another person’s property, and more, there are several areas of risk that can affect you.
Furthermore, these risks are only amplified if you live in an urban area, as you are more at risk due to a higher population. Umbrella insurance in Colorado doesn’t just protect you but can also protect you when another member of your home causes a loss, but there are stipulations you need to understand.
If you’re looking for personal umbrella coverage, give us a call and get in contact with an agent that can help you find affordable coverage built to protect you. Learn more below about what it takes to qualify for coverage, how it protects you, and how to save money when enrolling.
Why Enroll in Colorado Umbrella Insurance?
In Colorado, the statute of limitations for a personal injury is two years. This means that if you are at fault for causing someone an injury, have decided to move on, and around two years later if the other party changes their mind, you could still be liable for an incident. Colorado umbrella insurance can help you stay protected in such situations.
Accidents happen all the time whether they be on the road, in a home, or involve some other sort of vehicle such as a boat or ATV. Yes, you can have protection against liability through other forms of coverage, but insurance policies have limits.
When you exceed these limits, you’ll be faced with having to restore what is often sizable losses out of your own pockets. An umbrella policy can help. Here are some of the most common ways umbrella insurance in Colorado helps you protect your finances and assets:
Medical Costs
It’s no secret that medical costs throughout the country are rising and while you may be protected for a few thousand or even tens of thousands of dollars through home insurance or auto insurance, these limits can easily be surpassed.
Medical expenses cause more bankruptcy in the U.S. than any other source and if you’re not protected from paying for these costs to another party, you could be on the hook for quite the bill.
Umbrella insurance is there to help minimize these costs with the protection you can count on. After a loss that surpasses your other coverages, your umbrella policy will help pay for the medical costs so that you don’t have to out of pocket.
Legal Expenses
Even with the right coverages, legal action is always a possibility. You can help avoid paying for legal expenses in the aftermath of a liability dispute by having Colorado umbrella insurance coverage. It’s a great way to safeguard your assets from being targeted in a lawsuit as well as mitigate your legal expenses. According to Clio, the average lawyer in Colorado charges clients between $122 and $510 per hour.
Loss-of-Income Due to Injury
Being liable for the injuries to another can mean much more than just paying for their medical bills. If they are unable to work and you’re responsible, you’ll need to replace their livelihood. Depending on how they make a living, this can go from extremely expensive to unaffordable quickly. Your Colorado umbrella insurance policy can cover the loss of another party’s income.
Restoring Losses to Personal Property
If you’re looking to protect against losses to property damage with a home or auto policy, it can sometimes make sense to purchase an umbrella policy rather than more coverage elsewhere. Yes, you’re going to have to have certain policy limits before you can enroll in umbrella coverage, but there still comes a limit in which affordable umbrella insurance is the best course of action.
Civil Disputes
Remember, lawyers can average several hundred dollars per hour in The Centennial State. When facing legal issues your home insurance won’t cover, rather than going into debt or losing valuable financial assets, your umbrella insurance is there to help you cover your legal fees.
Damaging Your Neighbors’ Homes
Not everyone has home insurance and accidents can happen. So, while it’s easy to blindly believe your neighbors can simply file a claim and you guys can work things out, this is also not guaranteed. There are millions of Americans without home insurance and should a member of your home accidentally damage their home, you may find yourself in a tricky situation without umbrella coverage.
A Few Considerations
Just as your other insurance policies aren’t blanket coverage, there are going to be exceptions associated with your umbrella insurance. For example, damage to your own property (including your home), intentional/criminal activity, business-related incidents, flood damage, and expenses that aren’t first covered by home or auto coverage are all not covered.
But that doesn’t mean umbrella coverage isn’t worth it. Especially for families, as Colorado umbrella insurance doesn’t just cover you, but it also covers liability issues that can arise due to the members of your household, or anyone else you declare on your policy. Overall, it’s affordable coverage that helps protect you in a variety of ways.
Car and Umbrella Insurance in Colorado
In order to have umbrella insurance in Colorado, you’re going to need to have an auto insurance policy. You’ll also need a home insurance policy, but we’ll get to that later. Furthermore, you’re going to need to have a certain level of protection before enrolling in umbrella coverage.
Your umbrella policy acts as personal liability coverage and helps you cover expenses that surpass your other forms of protection. Known as supplemental coverage, you must rely on its protection only after your other policies have proven to be inadequate for the task at hand.
Colorado Home Insurance Umbrella Coverage
You can’t enroll in umbrella coverage without home and auto insurance, but there are advantages to doing so. Home insurance protects you against much more than liability disputes and is a necessary protection for many.
Just like auto insurance, you’ll have to have a certain level of policy limits for your liability coverage before you are eligible for umbrella coverage. Alternatively, if you are renting, you can still enroll in an umbrella policy with a renters policy. But the bottom line is that umbrella policies are supplemental and you need other forms of protection in place first.
By having all of these coverages, you will gain more than the individual protections they provide alone. Bundling these policies can help you mitigate your risks and do so while paying a discounted rate on your premium.
Working with the right insurance company is key because doing so means your needs are put first, not an individual carrier’s. The agents of Freedom Insurance Group help our clients by finding proper coverage options that aim at protecting their finances rather than upselling coverage you may never need.
Top Cities in Colorado for Personal Liability Coverage
Umbrella insurance is one of the most popular types of personal liability coverage on the market. These policies can help you in a variety of ways as we’ve seen above, and are especially helpful in urban centers.
Don’t get us wrong, the protection these policies provide is good for anyone, but in urban centers, there are a variety of potential perils to consider, including:
- More neighbors and homes can potentially become damaged.
- An increase in traffic.
- The price of living is much higher in urban Colorado than it is in rural areas.
These factors and more are the perfect examples of why anyone living in a city throughout Colorado has a heightened need for umbrella coverage. Here are the top ten cities found in CO:
- Denver
- Colorado Springs
- Aurora
- Fort Collins
- Lakewood
- Thornton
- Arvada
- Westminster
- Pueblo
- Centennial
Whether you’re looking for umbrella insurance in Colorado Springs, Lakeside, or anywhere in between, we’re here to help you find coverage that meets your needs for less.
The Cost of Umbrella Insurance in Colorado
Colorado umbrella insurance is an inexpensive coverage for most policyholders. Typically, you’ll receive $1 million or more in protection against liability at an average of only a few hundred dollars per year.
Of course, the more coverage you enroll in, the higher your premium will be, but by assessing your potential risk, you can determine the amount of coverage you need and which policies best suit your needs.
In order to enroll in umbrella insurance, you’ll need to have another form of coverage first. Umbrella coverage is supplemental insurance and you’ll have to have a minimum amount of coverage for your home and auto policy before enrolling. The agents at Freedom Insurance Group can help you find the right policy for your needs while avoiding overpaying.
How To Find Affordable Colorado Umbrella Insurance
The threat of a serious loss because of liability can be upsetting to many, but umbrella coverage can help you stay protected with peace of mind. Affordable liability coverage through umbrella policies is achievable, and here at Freedom Insurance Group, we help clients find it every day.
Our established relationships with 25+ top-rated insurance carriers mean that our clients are connected with policies that are reliable and tailored to meet their needs. These coverages are available, but remember, how much you pay can vary from brand to brand.
This is why we always shop and compare our client’s coverage among all of our partners. We don’t work for a single brand but instead work for you to protect your financial interests against potential losses.
Since 2005, we’ve been helping find bundles, discounts, and coverage that protects for less. Contact our agents for a free quote of Colorado umbrella insurance for better protection at the lowest price available.
