As the saying goes, when it rains, it pours. So, it’s never a bad idea to protect yourself against a wide range of potential financial dangers or unforeseeable mishaps. Personal umbrella insurance is a form of liability insurance, meaning it won’t cover your medical expenses or property losses, but rather medical expenses or property losses from injuries or damage for which you are responsible.
In general, personal umbrella liability insurance safeguards you from:
- Injuries you cause in a car accident
- Injuries someone suffers on your property
- Property damage you cause in an accident
- Property damage your pet causes
- Property damage a dependent or child causes
- Attorney fees and other legal costs if you’re sued
Your homeowner’s policy may provide these same protections, but your umbrella policy kicks in if those limits are exhausted. It also can cover you when you travel, including overseas. Most importantly—should you be sued for a large amount, your standard home or auto policy may not be enough to cover the damages the plaintiff is asking for, and you could risk losing everything without an umbrella policy.
Even if you don’t have an abundance of assets now, personal umbrella liability can protect future earnings and provide invaluable peace of mind, and it’s very affordable relative to the protection you get. Terms vary from insurance company to insurance company, and every client has their own personal needs. It’s best to meet with a qualified Eversure Insurance agent to discuss benefits, restrictions and coverage.
The specific cost of your personal umbrella insurance will be determined by:
- The amount of coverage you purchase
- Your insurance carrier’s provisions
- Your risk profile and driving record
- You could save by purchasing your policy from your home and/or auto insurance carrier
To understand what each plan covers, contact us today for more information.