Whether it's a serious at-fault car accident or an incident on your property, you can quickly find yourself responsible for damages that exceed the limits on your auto, homeowner, renter, or boat policy. Although many people believe that the other party involved in the accident will settle for a number that is within their policy limits, the truth is that people can pursue you for both your current and future assets. In the blink of an eye, a large lawsuit could jeopardize your home, car, property, savings, investments and even your future income. In most cases, an umbrella policy will provide additional coverage to help.
Umbrella insurance is a secondary coverage that protects more than one property or asset with an extra layer of liability protection. It kicks in when your underlying or primary policy doesn't provide sufficient liability protection. An umbrella policy provides an additional layer of liability protection that can be used with any of your other policies including your boat, motorcycle and RV.
Imagine if your dog were to bite a neighbor's child or if there's a fire in your condo that spreads to other units. What would happen if you or a family member missed a stop sign and struck and killed a pedestrian? If any of these things happen to you, there is a good chance that your current liability limit wouldn't be adequate to protect your assets or your future earnings from the ensuing lawsuit.
A lot of factors determine the amount of coverage you need. Your financial status, lifestyle, and existing coverage are all relevant. In liability lawsuits, a judgment could exceed your net worth. Talk to us for advice on the amount of coverage that is right for you.
To qualify for umbrella insurance coverage, you must also carry auto insurance with a certain amount of liability coverage. Other policies you have must also meet certain minimum liability coverage levels and other conditions may also apply.
For less than a dollar a day, you could receive an additional $1 million in coverage.
In many cases, you can purchase up to $10 million in coverage.
Call us today about adding this important extra layer of protection.