Sometimes, a typical home insurance policy or auto insurance policy just isn’t enough. Umbrella insurance is there to protect you if you are liable for something big. Similar to an umbrella, it is there to fill in coverage caps that you may have from your other insurance policies.
What Can Personal Umbrella Insurance Do For You?
Here are a few scenarios in which personal umbrella insurance can be vital:
- If you get a significant liability claim or judgment against you
- A flood that started in your home spreads and damages your neighbor’s home
- Someone slips and falls on your property
In the case of catastrophe and you reach your underlying liability limits on a policy (such as a home or car insurance policy), personal umbrella insurance can help.
Compared to the amount of liability coverage you receive, the costs can be minimal. Personal umbrella insurance can come in many forms, protecting you from such issues as:
- Bodily injury
- Landlord liability
- Legal fees
- Other legal damages (e.g., libel or slander)
- Personal injury
- Property damage
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Why Would You Need Umbrella Insurance?
You may not think you need an umbrella policy, but consider this: What happens to you and your family’s assets should you be sued for something that occurred at your home and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowner’s policy? Who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by thousands of dollars?
Although these kinds of things may be few and far between, you cannot be too careful. Umbrella Insurance is typically purchased at a low cost to you, but will provide enough coverage to where you shouldn’t have to worry about liability costs in the future.
