Why Personal Umbrella Insurance

We have homeowners and auto insurance with $300,000 in liability coverage, but someone suggested that we get a $1-million personal-liability umbrella policy. Why would we need this much coverage?. The Importance Of Personal Umbrella Policies. ... For example, if you were in an accident and are being sued for $1 million and your car insurance will only cover $300,000, .... Personal umbrella insurance is a fact of life for every policy holder, no matter their wealth or income. Personal umbrella insurance policies are beneficial because they can come at a low price. Some can cost as little as $100 per year for $1 million dollars worth of coverage.. An Umbrella policy is a type of stand-alone insurance policy that you can purchase for personal, or business purposes, that offers an additional limit of coverage which extends over and above the base insurance limits offered by the underlying insurance policy.. What is umbrella insurance? Umbrella insurance protects people when they’re sued after an event that transpired at their home, in their car, or because of something they did. For example, if you’re skiing and accidentally hurt a fellow skier on the slopes, they could sue you for medical expenses..

An umbrella policy will work the same way for that other number I mentioned above, your property damage limit. If you damage someone else's property, an umbrella policy will step up and cover you over and above your homeowner's and car insurance. There are so many good reasons why you should incorporate an umbrella policy into your existing .... If you have a substantial amount of personal net worth, you may want to invest in umbrella insurance to protect yourself. Make sure you find the right coverage by consulting with a member agent in the Trusted Choice network. Independent agents can customize your coverage for your unique needs. Contact a local independent agent today to get the ....

Personal Property. Umbrella insurance won’t cover damages that you make to your personal belongings. So, if you thought driving your motorbike into the pool was a good idea (you were trying to ramp over it, right?), and now the oil and gasoline and brake fluid has damaged your pool, .... An umbrella policy is designed to broaden the spectrum of existing homeowner’s and auto insurance policies. In the event of a claim an umbrella policy will take effect once the limits of your original policies have been reached. An umbrella policy has some interesting qualities: 1. Available in increments of $1 million usually up to $5 ....