Umbrella Insurance Policy - To really feel secure about protecting
your assets and your future, you may need the extra level of protection
provided by personal umbrella liability insurance.
An umbrella policy provides additional layers of liability protection.
If the liability limits are exhausted on your home, auto, or other
underlying insurance policy, your umbrella insurance policy takes over
and provides you with additional protection. The cost is minimal
compared to the comfort of knowing you're covered.
Imagine if your dog were to bite a neighbor's child. Or if there's an
accident on your rental property. Or a fire in your condo spreads to
other units.
What would happen if you or a family member missed a
stop sign and struck and killed a pedestrian? If any of these things
happened to you, there's a good chance your current liability limits
wouldn't be adequate to protect your assets or your future earnings.
A lot of factors determine the amount of coverage you need. Your
financial status, lifestyle, and existing coverage are all relevant, but
in liability lawsuits, judgements can exceed net worth. Talk to your agent to determine what's right for you.
To qualify for an umbrella insurance coverage, you must carry specific
auto insurance policies with specified liability limits. Your home,
renter, or condominium policy must also include certain limits of
liability coverage.
Liability Insurance Starts When the Others Stop - Once the liability
limits are exhausted on your home, auto, or other policy your Umbrella
policy takes over and provides a second layer of protection of at least
$1,000,000. Higher limits are available. Umbrella insurance policies
also pay claims not covered by your home, auto, or other underlying
insurance. The policy covers not just you but your spouse and all family
members living in your household anywhere in the world. Legal defense
fees are also paid.
Considering the extra security and protection it provides, personal
umbrella liability insurance is surprisingly reasonable. The average
cost is just pennies a day. Your insurance agent can help you find an
umbrella insurance policy that meets your specific needs. Here are a few
things to discuss when you talk:
* Discuss your financial status, lifestyle, and current and future assets.
* Ask your agent to review the liability limits in your current policies.
