So how much exactly does an umbrella insurance policy protect you beyond your original insurance coverage? Depending on the policy, it can add an additional one to five million dollars in liability protection.
Have you ever read about a large jury verdict? How do those defendants pay the cost of those verdicts, not to mention their lawyers? If their home or auto liability coverage isn’t enough, it’s possible those defendants may go bankrupt because of a significant jury verdict.
Did you know that umbrella insurance policies are considered by many to be the best buy in the insurance business? If you are concerned about losing income or assets if a large lawsuit were to occur, umbrella insurance is a good option.
If your family has accrued assets over the years, including a home or homes, retirement savings, brokerage accounts, and cars, you may need to protect those assets with an umbrella policy. This is important, as most basic insurance policies only cover a portion of these assets.
Not sure how you could afford the extra umbrella policy payment you need? You might be surprised, since adjusting the liability limits or deductible on your current policies might make a big difference. An insurance expert can go over your options with you to help you figure it out.
There are some events that are not typically covered by liability insurance. For example, neither libel nor slander is usually covered. If you become an active blogger on different topics, an umbrella policy to protect against libel or slander actions could become crucial.
One way to pay for the extra cost of an umbrella policy is to raise the deductibles in your auto or homeowner's policies. The deductible is the amount of money you agree to pay upfront, before the insurer handles the rest of the claim.
The usual umbrella coverage policy is for $1 million, but that’s not enough for everyone. For example, if you make more than $100,000 a year or have more than $1 million in assets (including your house and retirement fund), you should have a higher policy.
If your assets have grown in the last few years, you may need to update your umbrella insurance policy. Extra liability insurance may be needed to protect the additional financial or business assets that you have acquired.
What would you do if your spouse or teenager caused an auto accident that had serious injuries? Once the limits of your homeowner’s policy are exhausted, you are personally liable for the remainder of a verdict or settlement, which could even include garnishing your wages.
Did you know that the laws for umbrella policies vary from state to state? To determine the extent of coverage for your state, it is a good idea to consult with an insurance professional.
A common insurance myth is that umbrella insurance is only for the rich. In fact, mishaps happen and everyone these days is at risk for potentially getting sued over such incidents as a car accident or a fall on one’s property.
Swimming pools are some of the great luxuries in life, and having one adds significantly to the value of your home. However, accidents can happen, and having an umbrella liability policy can protect you in the event you exceed the limits or your underlying policies.
By investing in an umbrella insurance package, not only can you save money by combining various policies, but you can also be spared the time and effort needed to purchase and manage separate individual policies.
How can I tell if I need an umbrella insurance policy? Simply add up your assets and compare that figure to the liability coverage in your home and auto policies. If the assets are greater than the coverage, that means you are at risk and should consider umbrella insurance, according to experts.
Did you know that an umbrella policy tends to be a cheaper option than increasing the limits on your auto and homeowners policies? Plus, you get the added benefits of an umbrella policy, such as personal injury coverage.
One type of coverage provided by umbrella insurance is bodily injury liability. Basically, this coverage is designed to cover the cost of damages to another person’s body, including the cost of medical bills and any liability claims that may result from this.
Looking for that extra space in your monthly budget for an umbrella policy? A good way to find this cash is by raising your homeowner or auto insurance deductible. While this might mean a few hundred more in case of a claim, your umbrella coverage could save you thousands.
Million-dollar lawsuits are surprisingly common in our society, but when you combine homeowners and auto insurance, most people only have a liability coverage for half of that. Fortunately, umbrella coverage policies are often $1 million policies, so you’ll be covered.
Ever wonder why umbrella insurance policies are so affordable? This is because they are designed to kick in only after you have exhausted your liability coverage under your auto or homeowners policy, which results in lower monthly premiums.
Frequent car renters may find adding an umbrella liability policy to their regular insurance a more cost-effective approach than paying for the rental agency’s insurance, which averages more than ten dollars a day.
The greater your net worth, the more insurance protection you need to keep your assets safe. An umbrella insurance policy can be the perfect solution to extending your insurance coverage.
Depending on your particular insurance situation, with an umbrella insurance policy you can add an additional 1 to 5 million in liability protection. This is designed to kick in when the liability on other current policies has reached its limit.
Both homeowners and small business owners are required to keep their property safe, and failure to do so can result in serious legal issues. But what about things beyond your control like the weather? Unfortunately, that does not matter. An umbrella liability policy will protect you against lawsuits that exceed the coverage of your underlying insurance policies.
