What is a Personal Umbrella Insurance Policy?
You don’t have to be a millionaire to be sued like one. Although you may not have accumulated many assets at this point in your life, you can still be held liable for today’s negligent acts. Your future earnings can be legally attached resulting from a lawsuit if the insurance protection you have in place is not sufficient to cover the judgment.
One of the first tenants of risk management is ‘Don’t risk a lot for a little.’ If you had a large judgment against you today due to an automobile, or homeowner’s accident, what assets would be at risk? Perhaps your home, personal savings, or future earnings could be in jeopardy.
Most consumers buy many types of insurance, from automobile and homeowners to life insurance or extended protection plans to protect themselves and their families. However, those policies are normally inadequate against large lawsuit settlements.
There is an affordable insurance policy that can help your personal financial plan by protecting the things you have worked hard to obtain: it’s a personal umbrella policy. This coverage provides increased limits of liability ranging from $1,000,0000 to $10,000,000 and beyond for a very reasonable fee. The average umbrella cost is $5 to $6 per week.
Personal Umbrella insurance policies are designed to extend the liability protection you have in force under an existing auto, home, watercraft, or recreational vehicle insurance policy. Coverage typically starts at One Million dollars and can increase depending on the amount you select. Its purpose is to protect you and your assets from the financial consequences of those everyday unforeseen accidents that may emanate from using – it does provide some peace of mind. Talk to us if you would like to learn more about this important coverage.