Being an adult, or, “adulting” as the millennial generation likes to refer to it, comes with many responsibilities. There are bills to be paid, deadlines that must be constantly met, and the daily duties and tasks of your job that must be constantly attended to. It’s hard to not get occasionally overwhelmed by the enormity there always is to do and take care of.


If you do find yourself in this position, where you don’t know how to keep up with the demands a mature lifestyle places on you, you may be tempted to seek the advice of someone who has experience in organizing. One area that can cause confusion for many, where this counseling may be especially beneficial, is the area of insurance. While it seems like common sense that every adult must have insurance such as car insurance and health insurance, other types of insurance may strike you as either repetitive or unnecessary. Depending on your situation and individual preferences, this may be the case with umbrella insurance.


An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured's home, auto or watercraft insurance. It provides an additional layer of security to those who are at risk for being sued for damages to other people's property or injuries caused to others in an accident.


So, now that we know a little bit more about what umbrella insurance is, you may be asking yourself, when do I need this? CPA and personal financial specialist Mitch Freedman recommends that everyone have at least a $1-million umbrella policy to provide liability coverage beyond the limits of their auto- and homeowners-insurance policies -- even if they have less than $1 million in assets. That’s because in the rare event you are sued, you could be forced to pay a legal judgment from your current assets and future earnings. The policy can also pay for defense costs, which can quickly add up even if you win your case. It’s an inexpensive way to protect your finances from devastating lawsuits.


Foy Agency Insurance prides itself on providing exemplary customer services. We take every measure to ensure you are satisfied with all your insurance needs and will do whatever it takes to earn your business and remain lifelong clients. Foy Agency Insurance has been serving the Croghan, Deer River, and Lowville areas for over half a century. We are proud to be large enough to provide professionalism and reliability, yet small enough to provide personalized service. To discover more about how we can serve your needs, please visit our website or call us at one of our three locations today.