If a third party falls and gets hurt at your premises or a tree in your backyard falls on a neighbor’s house, you are liable for damages. Your dog bites an outsider, so you can be held liable for the extensive medical expenses and loss of wages. In that case, your homeowner’s insurance policy will only cover to policy limits. You need to buy additional coverage that might protect you in such situations. Umbrella insurance offers extra protection since it pays beyond the basic insurance policy limits. Most often Umbrella liability limits come in increments of millions. Between $1,000,000 and $5,000,000 is generally enough for more people.
Personal Umbrella insurance offers protection to you and your family against covered claims exceeding the liability limits of your homeowners and or auto policy. If you own and drive a motor vehicle, you’re always vulnerable to litigation. If you own a home, condominium, an ATV, boat, RV, or motorcycle, the need for extra protection becomes all the more important.
An umbrella policy offers you income and assets protection if you have been sued for slander, libel and face legal defense costs.
An umbrella policy, as additional liability coverage, covers expenses limited by your auto liability insurance limit.
Coverage normally starts at around $30.00 per month, or the cost of a few Starbucks coffees
There is a myth associated with umbrella insurance coverage. It is usually considered an insurance coverage for the wealthy; however, this is not the case since anybody can be sued anytime for numerous reasons. Your umbrella insurance policy will protect you from financial damages that can be otherwise devastating for you. Don’t risk going without it.