When it comes to truly terrible events, many people have the “it can’t happen to me” mentality.
However, by simply driving a car, owning a home, or entertaining friends, the possibility exists that a tragic accident could occur…and potentially, a costly lawsuit.
Many people mistakenly believe that only millionaires need umbrella policies. In reality, a tragic accident has the potential to financially derail people of modest means as well as multimillionaires.
Personal umbrella liability insurance provides an extra layer of protection over your personal assets for when your standard liability coverage is exhausted. It works to fill the gaps in your coverage and provides the following benefits:
- When litigation ensues, it’s typically for a large amount. If you get into a car accident and injure several people, you could be sued for millions of dollars, well beyond the limits of your automobile policy. You can also be held responsible if your dog bites someone, if your child injures another kid in a fight at school, or if a handyman hurts himself at your home.
- Umbrella policies cover legal fees because the insurance company assumes the risk, not you.
- Coverage is inexpensive and easy to obtain. Just give us a call to add it on to your current policy.
- You’ll have peace of mind knowing that you are covered in case of a fluke occurrence.
Coverage begins at $1 million and can be purchased in excess up to $10 million depending on the carrier. Uninsured / underinsured coverage can also be purchased with some carriers for coverage up to $1 million.
Please know that we are here to guide you through the confusing maze of insurance options to find the right fit for you, your family, and your business. If you have any questions or need more information on this issue, please contact us.Filed Under: Personal Lines