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What Assets Are Covered In Umbrella Insurance?

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If you’re considering adding umbrella insurance to a personal or business policy, it’s important to know what assets can be seized. Below are the most common assets that can be frozen, sold, and used to repay a debt or damages you’re responsible for.

Bank Accounts

Any bank or credit card accounts you have can be frozen, making spending or using that money impossible. This includes checking accounts, savings accounts, and any money market investments. Some have CD accounts and other saving options that can be seized and sold.

Recreational Vehicles

If you own boats, ATVs, or UTVs, you can expect these items to be surrendered and sold without umbrella insurance. When they are sold, they are often sold at auctions, so bidders aren’t paying what these items are worth, which can be devastating. Anything that has a title under this category will be taken into custody and sold later.

Vehicles and Motorcycles

Any vehicles or motorcycles that you own are also valuable assets that can be seized. When you build your umbrella insurance policy, you want to ensure you’re adding the correct value of these vehicles and motorcycles so you can protect them in case of a case.

Land and Homes

Probably the first items to be seized when someone doesn’t have umbrella insurance are land and homes that the person owns. This can also include any commercial business that you have. With umbrella insurance, you can cover the cost of your home and these properties so that it can pay out and you can stay in your home.

Umbrella insurance allows you to draft a policy large enough to protect all of these assets. If you have more questions, contact us at Saucon Insurance Agency. We serve the communities in and around Bethlehem, PA.