The Importance of a Personal Umbrella Policy

Do You Need a Personal Umbrella Policy? 

In today’s litigious society, having enough coverage can mean the difference between financial independence and financial disaster. Insurance policies have coverage limits - the maximum an insurance company will pay on your behalf. 

But what if that's not enough?

A personal umbrella policy provides additional liability coverage beyond what is covered by your primary home, auto, or other insurance policies. It's designed to protect you from major liability claims and personal lawsuits by covering costs that exceed the limits of your other policies.

Do you need a personal umbrella policy? Just consider the following scenarios when weighing the need for this protection.

• High value vehicles are everywhere, and multiple car accidents can and do happen. An umbrella policy can provide the extra coverage needed in these situations.
• Newly licensed teenage driver? (refer to the previous point).
• In a society where high-dollar verdicts are frequent and defense costs are on the rise, an umbrella policy can be a lifesaver.
• In addition to covering damages, umbrella policies often cover legal fees, which can be substantial in the event of a lawsuit.

If you're sued for damages that exceed the limits of your home or auto insurance, a personal umbrella policy can provide additional coverage. This is particularly important if you have significant personal assets that could be at risk, like your house, your savings, your 401K or other retirement funds.

Despite the extensive coverage they offer, umbrella policies are typically affordable, making them a cost-effective way to enhance your overall liability protection.

You've put in the hard work to build your current assets. Don't let an unforeseen accident jeopardize it all. Help protect your future by securing an umbrella policy to act as an added safety net over your home and auto policies. Reach out to your local independent agent today to discover the affordability and peace of mind an umbrella policy can bring.