The Personal Umbrella may well be one of the most important personal insurance coverage available to consumers today. Increasing litigation and court settlements are creating the need for higher limits of liability protection. As a consequence, the standard liability coverage limits in a typical homeowners or auto policy may be inadequate if the insured is found responsible in a court of law. The policy covers legal defense representative, medical bills, rehabilitation therapy and lost wages due to the negligence if the insured is deemed at fault.
Eight-five (85%) percent of umbrella insurance claims are related to car accidents, but umbrella policies offer protection against accidents that occur at your home as well. Umbrella policies extend coverage if you or a family member has rented a boat, a motorcycle or a Jet Ski.
Further protection coverage for slander or defamation of character, or for decisions you might have made as a volunteer member of a nonprofit board are also included. This may sound unlikely, but it’s not unheard of these days. While lawsuits may not result in an award, verdicts may take years and require a legal defense; an umbrella policy can cover expenses related to such lawsuits.
You have more to protect than you may think… the truth is you can be sued for more than the face amount of your insurance. Retirement assets, investments, savings and even your future earnings are at risk if a court awards a wage garnishment to satisfy a judgment.
Our licensed professionals can review your needs for the added protection of an umbrella policy. The cost for a $1 million policy can be as little as $150 to $200 annually, which is a relatively low price for the peace of mind to know your hard earned assets are protected.