Did you know that umbrella policies did not become widely known and sold until the 1960s? In fact, many businesses did not purchase their first umbrella policies until the 1970s.
Do you have a beautiful home, nice cars, and expensive belongings? Do you know they are at risk if your liability coverage is insufficient? Experts say umbrella coverage can offer the additional protection in the event of damage or injury you cause to someone else results in a substantial legal award or settlement.
Did you know that you could be liable for bodily injury costs if your dog bites someone? An umbrella policy can cover these so you do not have to deal with the financial repercussions.
An umbrella policy is not just additional coverage for one insurance policy: it’s additional coverage for all of your policies, which is where it gets its name. If a claim goes over the limits on any of them, the umbrella policy will step in and take over.
Umbrella insurance sounds like a good idea to protect my home and other property, but how can I possibly afford a policy of $1 million or more? Many people are surprised at the affordability of umbrella insurance. Check with your insurance expert to see how cheap rates can be on an annual basis.
There are several personal liability situations that are covered by umbrella insurance where they may not be covered elsewhere. This includes lawsuits involving slander, libel, false arrest, malicious prosecution, and shock or mental anguish.
Do you have retirement savings and investments? Did you know that if you are ever sued that your retirement and investment savings could be at risk? Fortunately, additional umbrella insurance can ensure that your retirement finances are secure.
If you are a small business owner, additional umbrella insurance – which is a type of liability insurance - can help to ensure that your business is safe in the event of accident or lawsuit costs exceeding the coverage of your regular insurance policy.
Did you know that umbrella insurance policies cover certain incidents not covered by many homeowners’ policies? This would include, for instance, damage caused by your dog.
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In most cases, you must have a minimum amount of liability coverage—usually at least $250,000 on your auto policy and $300,000 on your homeowners’ policy—to add umbrella insurance.
Many insurance experts recommend that you carry umbrella insurance if you have a net worth of $500,000 or greater. It’s important to understand that net worth is basically what you own minus what you owe on that.
Check with your insurance professional if you are considering an umbrella policy. Many insurers require that you have at least $300,000 or more in basic liability coverage before they will write an umbrella policy.
Umbrella insurance coverage can help to protect business owners in the event of an accident and lawsuit. This type of very affordable extra liability insurance can offer an extra level of protection to both large and small businesses.
The more active and involved your children are in the community, the better sense an umbrella insurance policy makes. What with carpools, friends of your children visiting, or kids just playing in the yard, the chance for injury is greatly increased. Protect yourself from damaging litigation with an extended liability policy.
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.
One of the main advantages of having umbrella insurance is that it can protect you from all sorts of unfortunate circumstances, such as having your assets seized or even losing your home.
People that are typically covered under a personal umbrella policy are you, your spouse if he or she lives with you, relatives, and other people under 21 living in your home under your care.
We know that riding bicycles has many advantages - from health to bettering the environment. However, if you ride competitively, did you know that you could face legal problems if there is an accident and you are found culpable? An umbrella policy as an extension of your homeowner’s policy can provide additional protection.
Umbrella insurance makes a great addition to your insurance portfolio. It’s a great way to ensure that significant assets are covered for a relatively inexpensive price.
In most cases, you can purchase an umbrella policy in increments of $1 million to add more coverage to your existing liability insurance policy.
Have you worked hard and built up a comfortable savings account, investment portfolio, and emergency fund? If you don’t have an umbrella insurance policy for personal liability, you could be a single accident away from bankruptcy. Accidents with serious injuries can lead to exorbitant legal judgments. If your insurance is exhausted, you’re on the hook personally for the rest of the judgment.
If you have a boat, you may want to consider adding an umbrella liability policy to protect you if you take guests out on it or if you water-ski or use other recreational watercraft. If someone is injured while aboard your vessel, an umbrella policy covers what your regular insurance will not.
