Umbrella insurance is a must-have for every policyholder, not just the wealthy. It is designed to give one added liability protection above and beyond the limits of any homeowner’s, auto, or water craft insurance policies you already have.
If an accident happens that is no fault of your own, do you have the proper liability insurance in your current policy to cover the costs associated with the act of negligence? No one can predict how much money a judge will award to an injured person. This is where umbrella insurance comes in.
Get the Financial Cushion You Know You Need
Depending on the insurance company, you can add a 1-5 million addition in liability protection. When liability has been exhausted on your other, existing policies, umbrella insurance will kick in. Liability insurance is a part of auto or homeowner’s insurance that pays for medical bills, rehabilitation therapy, and lost wages to a person who was injured due to your negligence. It also covers legal defense representation if the claim lands you in the courtroom.
Homeowner’s Insurance Just Isn’t Enough
When you add up medical expenses and legal fees, it’s easy to see that the standard liability in the negligent person’s homeowner’s or auto policy just isn’t enough to foot the bill. Nearly every state has financial responsibility laws that are designed to hold drivers accountable for property damage or bodily harm that was acquired during an auto accident. The at-fault driver can be sued for these damages. The lawsuit, without enough liability coverage, can even seize assets from the at-fault driver. There are similar laws set in place for home and water craft owners. Fortunately, personal liability umbrella insurance policies will give you the liability protection you need without costing you an arm and a leg. This type of coverage is typically inexpensive, but always pays off in the long run. Give us a call now to discover what policies are available to you.
Insuring the things that are most valuable in your life and business deserves some personal attention.
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