Protecting your family and assets is a top priority, which is why people buy insurance in the first place. But what would happen if you find yourself in a situation where your insurance is not enough? That's when a personal umbrella insurance policy could help.
What is a Personal Umbrella Policy?
A personal umbrella policy is a type of insurance that provides liability coverage over and above your auto or homeowner's insurance policy. So, if for most any reason your liability coverage isn't enough to cover the damages of an accident you are liable for or an incident on your property, a personal umbrella insurance policy steps in right where your other liability underlying limits have been exhausted. The personal umbrella policy can protect you when your automobile or homeowners insurance isn't enough.
Your Umbrella Policy at work
Example: If you're found liable in a car accident that injures another person, your standard automobile insurance policy would cover the injured party up to the limit you selected. But what happens if that limit is not enough to cover the injured parties needs?
If the injured parties injuries are severe, they may require benefits beyond the limits your standard auto or home insurance policy covers. In this case, they could sue you, which means your personal assets would be at risk. This could be a small amount, but imagine if that injured driver were a doctor, lawyer, or in another highly paid profession. If the accident you caused resulted in an injury that kept them from doing their job for an extended period of time? Suddenly, they are suing you for Millions to cover their injuries and for the time they are unable to work due to the accident.
Your automobile policy covers the initial limits you selected, but where would you come up with the remaining money owed? A personal umbrella policy can cover the additional costs when your auto or home insurance isn't enough. You don't want to get stuck paying the remaining balance. A personal umbrella policy could protect your bank account, home, and other personal property.
Personal umbrella policies are typically available in million dollar increments, starting at $1million. Along with covering your liability costs, a personal umbrella insurance policy could cover any legal costs and lost wages, even if you're in another country.
Contact us today today for more information or to get a quote on a personal umbrella policy. If you're already insured with us, you may be eligible for a discount.