Homeowners, auto, and watercraft policies have a limit on liability insurance. An Umbrella Policy provides additional protection for your assets by adding coverage above the limits already present in your home, auto, and boat policies. With monetary damage awards from lawsuits continuing to increase, an Umbrella Policy makes sense for almost everyone.
With an umbrella policy, your legal fees are usually covered, saving you thousands of dollars in out-of-pocket expenses.
Umbrella coverage is surprisingly inexpensive. A personal liability umbrella insurance policy can give one added liability protection without a large added cost. Additional liability insurance is often inexpensive, especially compared to the added coverage one gains.
If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, Umbrella Insurance is not just for the wealthy anymore, but a needed protection for every policyholder.
Umbrella Insurance is designed to give one added liability protection above and beyond the limits on Homeowners, Auto, and Watercraft personal insurance policies. An umbrella policy, depending on the insurance company, can add an additional $1-5 million in liability protection.
This protection is designed to “kick-in” when the liability on other current policies has been exhausted.
Liability Insurance is the portion of a Homeowners, Auto, or Watercraft Policy that pays for expenses such as the injured persons medical bills, rehabilitative therapy, and lost wages due to the negligence of the at fault person. The liability portion of an insurance policy also covers a legal defense representative if the negligence would happen to land the at fault person in the court room. After adding up all of the medical expenses for the injured and the legal fees of the negligent person, the standard liability in one’s homeowners or auto policy is often not enough. Almost every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents and the at fault driver could be sued for the damage. Personal assets from the at fault driver could be seized resulting from a lawsuit. Similar laws are also in force for home and watercraft owners.
Unlike your home and auto policies that usually apply only in the United States, a typical umbrella policy follows you around the globe. Liability insurance covers one’s non-business activities anywhere in the world. You are covered if you injure someone or accidentally destroy property anywhere in the world.
Having the added protection of a liability Umbrella Policy is coverage no one should go without.
Think you could benefit from adding an Umbrella Policy? To find out, request a quote