You may think chances are slim you would be involved in a lawsuit. You may even think if someone were to sue you, your insurance coverage would be more than enough. But people are sued every day. For minor injuries or property damage to others, the liability insurance you carry on your primary policies, like Auto and Home insurance, should be enough. But then there is that catastrophic event that turns everyone’s life upside down. Someone trips and falls in your house or outside by the pool and ends up with serious, life-altering injuries. Or, a car accident involving one of your teenagers is responsible for causing significant injuries to the other driver. In an instant, everything changes.
A Personal Umbrella policy gives you the extra protection you need to kick in for catastrophic liability events. It’s designed to extend the coverage you have on your underlying policies, giving you that extra security that makes sleeping at night just a little easier. And for the amount of coverage you get, the premium is quite reasonable.
Let’s say you’re liable for a car accident that results in serious injuries to the other driver and a lawsuit against you is settled for $1 million. You have $100,000 of liability coverage on your Auto policy, which will go towards this settlement. The remaining balance will have to be paid out of pocket. With a $1 million Umbrella policy, however, your total liability coverage is extended to $1.1 million. Umbrella coverage will respond after your Auto liability limits are exhausted.
How much liability coverage you carry under an Umbrella policy will depend on your net worth, including your income, savings and assets, and your individual exposures. You can obtain coverage in million-dollar increments for a good value for the cost.
The staff at Transparity Insurance Services will discuss specific financial circumstances to see what makes sense for you. For those with significant assets, we can provide you with a high-limit Umbrella policy.
When we founded Transparity Insurance Services, we were looking to do things differently. We wanted clients to have a hassle-free, positive experience when insuring their property and assets. This meant making things simple, easy and efficient with state-of-the-art technology, delivering great customer service with open and transparent communication, and putting into place the right insurance program at competitive pricing. We invite you to experience what that’s all about. Start by giving us a call at (855) 889-2037.