What Is Umbrella Insurance?
Umbrella Insurance, also known as excess liability coverage, is designed to keep you and your valuables protected if ever you reach your auto and homeowner insurance liability limit. An Umbrella Insurance policy is particularly useful in automobile accident scenarios.
Imagine if you are involved in a car accident with a surgeon and his injuries keep him out of work for several months, so he sues you for $100,000 in medical bills, along with $1 million in lost wages. Your regular auto insurance policy may cover, say, $500,000, but you’re left to cover the rest alone. Your assets including college funds, retirement savings, and more could be at risk if you’re at fault in an automobile accident like that! That’s where your umbrella policy comes to the rescue.
Most Policies Offer:
- Bodily Injuries – covers cost of medical bills and/or liability claims as a result of injuries from second party member.
- Damage to property – covers cost of damage to property, accidental or otherwise, created by an outside force or member.
- Certain lawsuits – coverage is available for situations such as being sued for slander, libel, false arrest, and more.
- Owners of rental units – helps protect against liability claims as a result of issues created by outside forces or members.
- Defense coverage – covers attorney fees and other legal costs.
- Worldwide coverage – coverage for incidents that have happened abroad.
Typically, personal umbrella policies range in coverage from $1 million to $5 million. Talk to one of our agents today to see which amount suits your lifestyle and risks.
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