Consider an umbrella policy when making a decision on insuring your personal property.
With so many different types of insurance out there, it can be challenging and sometimes overwhelming to determine which is the right match for you and your family. You may have car insurance as well as home insurance; you may even have them as separate plans. If this is the case, you need to investigate personal umbrella policy insurance. This additional premium insurance option allows you to have extra added coverage with higher liability limits to cover accidents in your home, car, and other personal property.
If you find yourself in a scenario where your basic homeowners or auto insurance is not enough, a personal umbrella insurance policy could and would help you cover the added costs. Umbrella coverage goes above and beyond your standard home and auto policy. This type of coverage picks up where your standard insurance ends. This means if you have an car accident that exceeds the limit of your selected amount of coverage, the umbrella policy will kick in to cover the cost of severe medical injuries to yourself or the other driver, lost wages, and the cost to repair or purchase another vehicle or vehicles.
Protect Your Assets
With a personal umbrella policy, you can rest assured that the value your personal assets and all the hard work you have performed to obtain them will be lost because due to an incident. Umbrella liability insurance provides you with the additional coverage, so you do not lose everything if you get sued by another person. By having umbrella coverage, it can save your bank accounts, your home, your vehicles, and any other personal property from disappearing to a judgment.
Know Your Options
Personal umbrella policies may be purchased in million-dollar increments in most cases. The range is usually from $1 million to $5 million, and even though not required, they are a great addition for added financial and asset protection in case of an unforeseen incident or accident involving you or your property.