In our modern day society, lawsuits are becoming more and more prevalent. Your homeowners, renters, auto, motorcycle, and watercraft insurance policies all have limits on liability. In the unfortunate event of a large claim occurring, do you have enough liability coverage to protect you in a lawsuit?
Lawyers are seeking larger amounts of monetary compensation for their clients than ever before. With the uncertainty of what a judge or jury may determine is proper compensation for someone's injury, personal umbrella policies are a necessity.
So, what is an umbrella policy? An umbrella policy is essentially a monetary safety net for your other insurance policies. In the unfortunate event that a large claim were to take place, exceeding your other policies' limits, your umbrella policy would step up to the plate to provide additional monetary coverage. Umbrella policies were designed to pay for an injured party's medical bills, lost wages, rehabilitative therapy, etc, that were caused by the negligence of the at-fault person. Often times, a person's home owners, renters, auto, motorcycle, or watercraft policy limits are exceeded in the courtroom after you add in legal fees and the injured party's award. An umbrella policy will help protect you from having your personal assets seized in an attempt to compensate the injured party.
Personal Umbrella policies are often purchased with limits ranging from $1,000,000- $10,000,000. These policies are extremely affordable and are essential for every policyholder. Contact us today if you have any questions. We will be happy to provide you with a free, no-obligation quote!