Are you protected from unfortunate accidents that may result in a lawsuit?
Today, lawsuits are everywhere. Jurors are awarding larger and larger amounts of money. Homeowners and auto policies have a limit on liability insurance. If an unfortunate accident should happen that is your responsibility, do you have enough liability insurance from your current policies to cover your costs for damage or negligence?
- Your dog bites and seriously injures a child. You are liable for the extensive medical expenses.
- Your neighbor falls in your yard and successfully sues you for $2 million. But your homeowners insurance tops out at $500,000.
- You are at fault in a major car accident, harming several people and causing damage well in excess of your $300,000 car insurance coverage limits.
Umbrella insurance is designed to give added liability insurance above and beyond the limits on homeowners, auto, and boat insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional $1-10 million and beyond in liability protection. This protection is designed to “kick-in” when the liability on other current policies has been exhausted.