Personal Umbrella Insurance
Did you know that your auto insurance policy has a limit? Your homeowners insurance has a cap too as does your watercraft insurance and other policies.
You could easily be held personally accountable – as well as legally liable – for losses suffered as a result of a number of things, including:
- Auto Ownership (Auto accidents involving you or members of your family)
- Home Ownership (Accidental falls on property owned by you, Swimming pool accidents or playground mishaps
- Recreational Activities (Boating accidents, golf course injuries)
- Personal Activities (Libel and slander, Invasion of privacy)
A Personal Umbrella Liability policy provides excess liability protection you can count on. This policy is designed with your best interest in mind. And, it’s affordably priced! Choose from $1 million up to $5 million in additional coverage over and above the specified minimum underlying liability limits. Also, a personal umbrella policy provides optional uninsured and underinsured motorist coverage.
No Personal Umbrella Insurance?
It Could Cost You a Fortune!
If you are sued and held liable for damages for an amount that exceeds your policy, you will be required to pay the difference between the cap on your policy and the judgment amount. This could mean hundreds of thousands of dollars out of your pocket.
Perhaps your fall asleep at the wheel one night, veer across the middle line and collide with a tour bus. Injured passengers and others involved could potentially sue you for an amount that exceeds your current auto insurance liability limits. A Personal umbrella insurance policy can prevent you from losing everything due to an accident like this or a even an accident by a visitor to your home. Even if the judgment isn’t catastrophically high, court costs are generally expensive. Your personal liability insurance will provide for these costs as well.
Unfortunately, injury lawsuits are all too common today and your best defense is to maintain coverage above and beyond the limits of your auto insurance, homeowners policy or even your personal watercraft insurance. Fortunately, Personal Umbrella Insurance is far less expensive than one might think making it an affordable option making it a small price to pay for the extra piece of mind. If purchased in conjunction with a homeowners insurance or auto insurance policy, discounts may be applied as well.
What you own should determine how much personal liability umbrella insurance you need, but especially with highly valued property, personal umbrella insurance is a must to avoid losing what you have. The investment on such policies is generally not high, but the loss can be great if you are unprepared.
At Brown Insurance Services, our knowledgeable team will help you determine which personal umbrella policy limit is right for you based on your risks, assets and current liability limits. Contact us today or give us a call. We’re happy to answer your questions and make recommendations based on your needs.
