Personal Umbrella Insurance
Why Every Policyholder Needs Umbrella Insurance
Today, lawsuits are everywhere. Lawyers are awarding larger amounts of
money than ever. Homeowners, auto, and watercraft policies have a limit
on liability insurance. If an unfortunate accident should happen that is
your fault, do you have enough liability insurance from your current policies
to cover your costs for negligence? Since no one can predict how much a
judge may award the injured person, umbrella insurance is not just for
the wealthy anymore, but a needed protection for every policyholder.
Umbrella insurance is designed to give one added liability protection above
and beyond the limits on homeowners, auto, and watercraft personal insurance
policies. With an umbrella policy, depending on the insurance company,
one can add an additional 1-5 million in liability protection. This protection
is designed to “kick-in” when the liability on other current
policies has
been exhausted.
Liability insurance is the portion of a homeowners or auto policy that
pays for expenses such as the injured persons medical bills, rehabilitative
therapy, and lost wages due to the negligence of the at fault person. The
liability portion of an insurance policy also covers a legal defense representative
if the negligence would happen to land the at fault person in the court
room. After adding up all of the medical expenses for the injured and the
legal fees of the negligent person, the standard liability in one’s
homeowners or auto policy is often not enough. Almost every state has financial
responsibility laws that will hold drivers accountable for bodily injury
and property damage resulting from car accidents and the at fault driver
could be sued for the damage. Personal assets from the at fault driver
could be seized resulting from a lawsuit. Similar laws are also in force
for home and watercraft owners.
There is good news. A personal liability umbrella insurance policy can
give one added liability protection without a large added cost. Additional
liability insurance is often inexpensive, especially compared to the added
coverage one gains. Furthermore, liability insurance covers one’s
non-business activities anywhere in the world. Having the added protection
of a liability umbrella policy is coverage no one should go without
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