Umbrella Insurance provides additional Liability protection coverage above your auto, home, or other insurance liability limits should it be needed. This protects you in the event you are sued for amounts above the limits of your normal policy.
For example, say you have Auto limits of 100,000 property damage and 300,000 per incident. You happen to be driving in an exclusive neighborhood and get into an accident with a brand new Porsche worth $130,000. This is above your normal limit of $100,000 which would leave you personally liable for the additional $30,000. This is the time when your umbrella insurance policy would kick in and cover the additional amount.
In another example, you are having a get together at your house and the owner of the company you work for is in attendance. There is an incident that causes the owner to slip down the stairs breaking his back leaving him crippled and unable to work for 1 year while he goes to rehab. You are sued and held liable for his annual salary while he is unable to work. This is above and beyond the limits of your policy. Once again, this is where your umbrella insurance policy kicks in to cover the difference.
Other scenarios include:
- Being sued by the opposite party of an auto accident
- Someone getting injured on your property while visiting and suing you
- Someone delivering a package to your house and getting injured
Some of these examples might seem a bit far stretch but they happen, and they can happen to you. The good news is, an Umbrella insurance Policy is very affordable starting at just a few hundred dollars per year for millions in coverage.
Give us a call today to see how affordable an Umbrella Insurance Policy is and protect your life savings.
