Personal Umbrella
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Liability Insurance of $1 Million or More - Learn Why You Should Consider It
Premium protection for only a few hundred dollars a year.
You probably already have liability insurance; for instance, car insurance, homeowner policies and boat insurance all include liability insurance coverage. But these liability limits are specific to the policy type: auto insurance liability is specific to damage or injury you or other covered drivers may cause in the course of motor vehicle operation, for example.
Umbrella insurance "sits" over the top of other policies, providing an excess layer of insurance protection. And umbrella insurance, in some instances, also reaches down into the gaps between different policy types to provide liability insurance protection where none might otherwise exist.
Deductibles for umbrella insurance is higher than for other policies - for instance, the deductible amount for auto related lawsuits and claims might be $300,000. The reason is that the insurance companies that underwrite umbrella coverage expect your car insurance policy to pick up claims up to that amount.
Who needs umbrella insurance?
The easy answer is everyone. It isn't so much a matter of your income or your assets, but rather the fickle judgements that juries might arrive at in the event of a lawsuit. As any lawyer will tell you, anything can happen once a legal dispute ends up before a jury, so the peace of mind a one or two million dollar umbrella policy will provide is well worth the small premium. Consider lawsuits that could easily skyrocket into the high six figures:
- A neighbor's child becomes injured while playing in your yard and suffers some permanent disability
- A restaurant owner claims that your unfair online reviews and Facebook comments about his food and service cost him customers, put him out of business, and caused him to lose his house
- While pulling up to an intersection, your teenage son admires the Maserati in the lane next to him; his inattention causes his vehicle to bump into the Lamborghini in front of him. The $280,000 sports car is pushed into the intersection where it is broadsided by another car, totaling the Lamborghini and seriously injuring the driver
You can have millions of dollars of protection to prevent situations like these from causing financial ruin - the annual premium is usually just a few hundred dollars. Call or contact us for a consultation today. Or complete our secure, online request form to get started.