The Benefits of an Umbrella Policy

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.

There are various benefits to having an umbrella policy, they include: 

  • Safety Net

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.

  • Affordable

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!