Umbrella Insurance in Alabama

Many residents in Alabama have worked hard to own the assets they do, whether it is personal or business-related. Unfortunately, there are situations where your assets can be frozen and auctioned to cover necessary expenses. Umbrella insurance from Surety Ins Inc. can help you protect your Alabama assets.

When Do You Use Umbrella Insurance?

This supplemental policy is only used when your standard liability is exhausted. Depending on your policy, you have so much you can use per year in liability funds. When that is exhausted, then you are responsible for the difference. With umbrella insurance, they can pay the difference, so you are not forced to sell assets or have them seized to cover the expenses.

What Assets Can Be Frozen?

When you talk about assets, you need to know exactly what can be sold or frozen to cover the costs of expenses you are required to pay by the court system.

• Residential properties
• Commercial properties
• Undeveloped land acreage
• Bonds and stocks
• Vehicles
• Recreational vehicles
• Boats/watercrafts
• Savings accounts and retirement accounts

Anything that you own and can be sold will be the first assets frozen. If funds are still needed, you could be forced to liquidate your savings accounts, bonds, stocks, and even retirement accounts if necessary.

In some cases, depending on the situation and the court ruling, you could be forced to pay out future income if there is a need for future payments.

How Much Umbrella Insurance Do I Need?

When you decide to protect your assets with umbrella insurance, it is crucial to have enough to cover your assets' total value. You want to make sure that is the bare minimum of your policy. For best practice, ensure you include the value of your estimated future income to protect you on all fronts.

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If you would like more information, contact our agents at Surety Ins Inc. today.