Umbrella insurance is simply extra liability insurance over and above your
automobile or homeowners’ policy, devised to protect you from severe
claims and lawsuits, thus securing your assets and future. If your liability
coverage isn’t enough to cover the damages of an incident on your
property or an accident that was your fault, a
personal umbrella policy commences as soon as your other liability limits have been exceeded.
If you caused a car accident which injures another driver, your regular
automobile insurance will cover the other driver up to a certain limit,
let’s say $200,000. But what if that’s not enough? Depending
on the severity of the injury, the injured driver may need benefits beyond
your policy limit, such as high paying surgeon. This could lead to a lawsuit,
meaning your assets are at stake. With umbrella insurance, you are protected
from such serious situations.
Because your umbrella policy doesn’t kick in until your other policies
are exhausted, the cost to carry umbrella insurance is substantially inexpensive.
An extra $1 million worth of coverage generally costs on average $200
per year. Each additional increment of $1 million ranges between $50 and $75.
Property and Asset Protection
Not only do big corporations get sued for millions, ordinary people are
susceptible to such colossal lawsuits as well. Those part of the middle-class
can barely afford a huge damages claim if a neighborhood child sustains
injuries on their property, such as slipping and falling hard near your
swimming pool or your dog significantly biting someone. An umbrella policy
affords you the peace of mind that your home and assets protected from
lawsuits if they occur.
For more information about umbrella insurance, speak with a professional
representative at Insurance Specialists, Inc. by
calling (888) 451-0883 today!