Umbrella Insurance?

By Maryl Joop


Tornados vary in intensity and peril. Depending upon their strength, they can wreak havoc to just your hair-do or the entire neighborhood. In 1971, T. Theodore Fujita developed a scale to begin classifying tornadoes and predicting damage. We call it the Fujita scale and it gives us a general idea of what to expect from each twister we encounter. Like a hurricane, the strength of the twister is measured mainly by the speed of the winds it creates, but overall damage is assessed as well.

When you have homeowner's insurance in Colorado, you want to make sure that you are paying for coverage that you actually need and not overpaying for coverage. This means, you are going to need to assess your insurance policy on a consistent basis to keep it updated.

Usually, umbrella insurance is used for worst-case scenarios. Unfortunately, these are becoming more and more common. In our law-suit-happy society, you could end up responsible for monstrous costs for common mistakes.

Make sure that you schedule a meeting about once a year to go over your insurance policy and make sure it is still sufficient and is not providing excess coverage. Finding this balance can be difficult, but it will be well worth the time that you spend doing your research.

But the question really is, should I really get umbrella insurance? It's a tough question to answer and of course no one can predict the future. Buying or not buying will always come with risks. But, if you would like to minimize those risks, here are a few self-appraising questions that could help you make a better decision.

F4's approach catastrophic with 207 to 260 mile an hour winds. These are classified as devastating.

Finally, the worst are the F5's. These tornadoes range between 260 and 318 miles per hour. Experts consider their effect to be "incredible." Anything left still standing after one of these should be hailed as an incredible engineering feat.

Third, what is your family like? Ask the same questions listed above about close relatives for whom you might be financially responsible. But also, think about what kind of financial support your family could provide if you got in trouble.

As you are looking into your insurance policy it is also important that you start shopping around with other insurance companies. Don't be afraid to compare your policy with other companies and get to know your policy in relation to those that are offered elsewhere.

Finally, talk to your local Colorado Independent Insurance Agent and see what advice they have for you. If you have existing car insurance Colorado, or home insurance Colorado, you might ok. See what your agent has to say.




About the Author: