One unexpected event can financially ruin you. This is a real threat if you don’t have enough insurance to protect your assets. You might have auto, home and medical insurance, but there are times when insurance is not sufficient to take care of liability claims.
An umbrella insurance policy provides additional protection against liability claims. It covers things that other policies do not.
Umbrella policies provide liability coverage once a regular policy has reached its limit. For example, someone could file a $100,000 lawsuit against you. What happens if the policy only covers $50,000? The umbrella insurance policy pays the difference. Keep in mind that an umbrella policy can also pay a claim if it’s a situation your regular policy doesn’t cover.
Umbrella coverage also protects personal assets from liability claims. The extra liability coverage is very beneficial. For instance, if someone sues you, the umbrella policy will help and keep you from losing personal assets. Lawsuits can be very expensive, and hard to face without help from insurance.
Umbrella insurance is basically added protection against lawsuits. It could help pay for the other person’s medical bills or property damage. It can also pay legal fees.
You should consider umbrella coverage if you want asset protection. Most people have assets to protect, not just the wealthy. You could own a small or large amount of assets, and a person could still file a claim and go after what you have.
Umbrella coverage is for anyone who wants to protect their assets. Medical bills, legal bills and property damages can really add up. You’ll like the peace of mind provided by umbrella insurance.