Even with policies in place to cover your home, car, and other property, gaps in coverage can exist and be very costly.
In the event of a loss, if you exhaust your existing policy limits, umbrella coverage will kick in and cover those additional costs. Lawsuits can often lead to extraordinarily high award amounts that, without umbrella insurance, would not be covered.
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How it Works:
Umbrella policies cover damage claims that you, your dependents or even your pets may cause. Your umbrella policy starts paying out after the liability insurance in your homeowners or auto policy runs out. For example, if you have a home insurance policy with liability coverage of $300,000, the umbrella policy will pay claims above $300,000, up to the limit you select, such as $1 million. Or, if your liability limit on your car insurance policy is $250,000 of bodily injury protection per person and $500,000 per accident, your umbrella policy would cover expenses beyond those amounts, up to the policy’s limit.
Why to purchase:
A personal liability umbrella insurance policy can give you the 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.