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Why have an umbrella policy?

Umbrella insurance is a secondary type of liability insurance that covers your personal liability. Adding extra liability coverage to your auto and homeowner's insurance policies protects you in the unfortunate event you are sued, and is an inexpensive way to protect your financial future and established assets.

Let’s say you were in a car accident and the other party was physically injured. Woman-on-bench-with-umbrella-lr-(1).jpgWith most auto insurance policies, the maximum amount of liability coverage you can buy is either $300,000 or $500,000 per accident, but damages in a lawsuit can easily add up to millions of dollars. After you’ve reached the liability limits on your insurance policy, your umbrella policy would kick in to take care of the extra costs. Essentially, if you are sued for a large sum, an umbrella policy may help you avoid having to liquidate hard-earned assets. In addition, an umbrella policy protects you against being sued for damage that other policies don’t cover, such as an accident you cause at work or on vacation.
Here are the types of damage an umbrella policy typically covers:

  • Bodily injury
  • Property damage
  • Landlord liability
  • Other kinds of legal damages
  • Legal fees

Just like an umbrella protects you on a rainy day, your umbrella policy is also there to protect you from the unexpected. These policies are inexpensive because they kick in only after you’ve exhausted your liability coverage under your auto or homeowners policy. So for just a few hundred dollars a year, an umbrella policy may help prevent your assets from being soaked by an unexpected lawsuit and being forced to liquidate precious assets – such as your retirement fund or a college savings fund – to bail yourself out.
 
Protecting your family and assets is a top priority. Talk with a Starion Insurance agent today or request a free quote online.

 

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