What Is an Umbrella Policy?
An Umbrella Policy is an additional insurance policy with limits of protection, starting at $1,000,000. These policies are designed to give the insured increased liability coverage above and beyond your personal auto, homeowner, or business insurance policy.
Liability insurance pays expenses such as medical bills, rehabilitative therapy, and lost wages to other parties due to the negligence of the policyholder.
Why Do You Need One?
In today’s litigious society, personal injury lawsuits can be very expensive. In addition to the expenses listed above, a judgment can also include special compensatory damages for loss of consortium, pain and suffering, and other intangible losses.
An umbrella policy provides an extra layer of protection in the event of a large lawsuit. These policies are intended to help protect your current assets and future earnings.
Whether you are old or young, many individuals consider umbrella coverage as part of a well-rounded insurance plan.
Umbrella policies are often fairly inexpensive considering the additional coverage they provide. Most of our insurance company’s umbrella policies range from $125 – $300 per year.
