Why you want to consider an Umbrella policy:
1. Peace of Mind Protection
Imagine a worst-case scenario: a severe car accident where multiple people are injured. Your regular car insurance might not cover all the damages and medical costs. An umbrella policy acts as a safety net, protecting your assets in case of a significant lawsuit.
2. Expanded Coverage
Your homeowner’s and auto insurance policies have limits on how much they will pay to protect you. An umbrella policy extends or ‘ goes above the base policy coverage’ to safeguard you from unexpected liabilities. For instance, if your dog bites a neighbor and the resulting medical bills and legal fees exceed your homeowner’s insurance limit, the umbrella policy steps in.
3. Asset Protection
Lawsuits can be financially devastating. An umbrella policy helps preserve your assets, such as your home, savings, and investments, by covering legal fees and settlements. Judgements that the courts order due to your negligence, do not GO AWAY when your insurance coverage runs out.
4. Affordable Protection
Umbrella insurance is relatively inexpensive compared to the potential costs of a significant lawsuit. It’s often a small price to pay for the extensive coverage it provides. Most times, $ 1 million of coverage is around $250 per year.
5. Comprehensive Coverage
Beyond Auto accidents, umbrella policies can cover a wide range of incidents, including:
- Libel or slander: If you unintentionally damage someone’s reputation.
- Bodily injury: If someone is injured on your property.
- Property damage: If you accidentally cause damage to someone else’s property.
- Director and officer liability: If you serve on a board and are held personally responsible for the organization’s actions.
Call or Text us at 518-377-7414 so we can answer your questions about your personal situation and coverage needs.