Watching the headlines and seeing massive payouts from accidents can be scary. For those worried about protecting their assets, an umbrella insurance policy is a great option. A local insurance agent will be able to provide a quote and explain specific coverage, but this policy provides liability insurance that goes over and above existing policies.
Those who benefit most from these policies have a substantial amount of property that they wish to protect in the case of a liability lawsuit. This could mean that they own several cars or property, and want to ensure that they don’t risk losing those in the face of a lawsuit. Liability lawsuits are quite common, and they can be devastating to families who don’t carry enough coverage. An umbrella policy works by taking over where the underlying policy leaves off.
That means that if a driver gets into a car accident, and somebody that they hit is injured, first their automobile policy will pay all the way up to the limit of that policy. Talk to an insurance agent about how this coordination of coverage will work, and how it could impact other policies. Then, the umbrella policy will take over for the rest up to the umbrella limit. Most commonly, personal umbrella policies offer between one and five million dollars in coverage.
This policy offers great peace of mind for people who want to make sure that in the case of a liability lawsuit, they have enough coverage for their home and aren’t in danger of losing anything. Additionally, business owners who want to ensure that all of their business assets are properly covered can purchase a commercial umbrella policy. Talk to a local insurance agent to get more information, and be sure to mention any other insurance policies or assets that may require coverage. Don’t be left at risk during a lawsuit, have enough coverage for everything.