A Personal Umbrella Policy… Why Everyone Needs One.

In today’s economic climate an unforeseeable lawsuit could be right around the corner. It’s impossible to predict the amount that could be awarded to the winning party, which you could be responsible for paying. An umbrella policy is an excess liability policy that provides coverage when your underlying property coverages have been exhausted. If your property liability limit is $100,000 and the judgement rendered is $250,000, you will be responsible for $150,000. If you don’t have the additional $150,000 to pay in damages, you will unfortunately be in jeopardy of losing current and future personal assets. However, if you have a $1 million umbrella policy, the additional $150,000 will be covered under the umbrella. Most umbrella policies are rather inexpensive, and are definitely worth the premium in comparison to the possible cost of not having one and needing it. Umbrella policies are constructed to cover and offer excess coverage for all of your property, such as autos, home, boats, investment properties, etc. Most carriers offer umbrellas with limits up to $5 million, and even higher limits if you have several personal assets of high worth.

Questions about your personal property, concerns or feedback, please don’t hesitate to email me or leave a comment.


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