In the event that someone is injured on your property and you are found legally responsible, you could be faced with a costly financial burden. In fact, without a personal umbrella policy, any expenses beyond the limits of your standard policy are your responsibility. This applies to your homeowners, renters, automobile, and watercraft insurance policies.
Personal umbrella insurance provides an extra layer of protection over your personal assets for when your standard insurance coverage is exhausted.
Engaging in Everyday Can Put You at Risk for a Lawsuit
If you engage in any activity or hobby that increases your odds of getting sued—such as having a teenage driver, owning a swimming pool, or entertaining frequently—it is wise to supplement your insurance with a personal umbrella policy.
Why is a Personal Umbrella Policy Important?
It works to fill the gaps in your coverage and provides the following benefits:
- When litigation ensues, it’s typically for a large amount. If you get into a car accident and injure several people, you could be sued for millions of dollars—well beyond the limits of your automobile policy. You can also be held responsible if your dog bites someone, or if a handyman hurts himself at your home.
- Umbrella policies cover legal fees because the insurance company assumes the risk, not you.
- You’ll have peace of mind knowing you are covered in case of a fluke occurrence.
- Coverage is inexpensive and easy to obtain.
How Much Coverage Do You Need?
When it comes to personal umbrella insurance, you may be wondering how much coverage you actually need to protect your assets and lifestyle.
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