Personal Umbrella Insurance
Umbrella Insurance provides precisely the type of coverage that it sounds like. It provides an umbrella for you to stand under. Liability issues seem to be everywhere and you never know what might cause somebody to present you with a lawsuit. Fundamentally, Umbrella Insurance policies shelters you from liability expenditures that go beyond the liability limits of ordinary insurance protection, for example your home insurance, auto insurance, and so forth. This insurance coverage accurately places you under its umbrella making sure that as soon as you outstrip the liability coverage restrictions with an insurance policy, you will still be covered.
By way of an umbrella policy, depending on the provider, one can increase an extra 1 – 5 million in liability security. This protection is intended to “apply” if the liability within other existing policies has been expended.
What will Umbrella Insurance insure?
Liability insurance often is the portion of your insurance policy that pays for expenditures something like the hurt persons medical/health bills, rehabilitative treatment, and lost wages resulting from the negligence for the accountable individual. The liability piece of an insurance coverage it also addresses a legal defense lawyer if the negligence would happen to land the guilty individual in court. After adding up all of the medical/health charges for the injured as well as the legal payments of the careless person, the common liability in a insurance coverage is often not enough. Roughly every state has pecuniary accountability regulations that can hold drivers held responsible for bodily injury and property damage resulting from car incidents and the guilty operator could be sued for the damage. Personal resources from the at fault driver may be seized resulting from your grievance. Similar laws and regulations are also in force for property as well as boat owners.
Why should you get Umbrella Insurance?
You could possibly assume, “I don’t need” umbrella insurance protection, but think about this:
- What happens to you and your family’s investments in the event you happen to be sued for an accident that transpired at your house and the health and legal fees significantly surpassed the liability limits defined by your homeowner’s policy?
- What happens when you are found guilty for a multi-vehicle accident and your liability expenditure surpass the limits in your vehicle insurance coverage by 1000s of dollars?
Although these kinds of things are probably few and far between, you cannot be too careful. Umbrella Insurance is often bought for a low fee, but will present enough insurance protection to where you should not have to be concerned about liability costs in the future.
For more information on finding an Umbrella Insurance contact, Frye-Shaffer Insurance at 276-669-8242 or complete our short Request-a-Quote Form for your FREE Umbrella Insurance Quote today.
Umbrella Insurance FAQs
Q: What is a personal umbrella liability policy?
A: A personal umbrella liability policy is designed to increase your liability protection. This single policy acts as an “umbrella” over all of your other personal liability policies (home, auto, boat, RV, etc.) so you have a higher personal liability limit than what would otherwise be available. In certain circumstances, an umbrella policy may provide personal liability coverage that is otherwise excluded from your other policies. For example, an umbrella policy provides coverage anywhere in the world, whereas your auto policy usually provides coverage in the U.S. and Canada only.
Q: How do I know if I need a personal umbrella liability policy?
A: It used to be that the only people who needed personal umbrella liability policies were wealthy individuals who had sizable amounts of personal assets that would be at risk in a lawsuit. However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Since they are even less able than a wealthy individual to pay large damage awards, they recognize the need to have coverage limits greater than what can be obtained from their homeowner or auto policies.