Umbrella insurance is extra insurance that you can buy to give you coverage on top of your normal insurance coverage when you face a major financial catastrophe, most commonly it insures people against major lawsuits brought against them where all of their assets are in jeopardy. Where your normal car, homeowners or other insurance will fall short of protecting you, an umbrella policy will fill the gap and keep you safe when you are asked to be responsible for a large personal liability claim.
An umbrella policy has three advantages. It provides additional lawsuit coverage of $1 million or more. It provides added coverage for defense costs, which can easily amount to $100,000 or more. And finally, it provides liability coverage for some lawsuits not covered by your underlying auto or home insurance. Examples include if you're sued over an incident involving a boat you rented on vacation, a car you rented in Europe, or even your work on a nonprofit board of directors.
If you are concerned about protecting your assets, then you need an umbrella policy. This is the absolute best option to keep yourself safe and it is also one of the best values in insurance. A typical umbrella insurance policy costs only $100 to $200 for $1 million of coverage and only around $100 more dollars to get $1 million more in coverage.
It is a good idea to carry an umbrella insurance policy to cover you in the event of a major accident that you might not be able to control. Accidents happen and if you are on the end of one where you find yourself at fault and the injured party is someone of esteem or value, you could be responsible for them financially - for their lost wages and medical bills in addition to emotional compensation for suffering - this can cost you literally millions of dollars. If you have assets to protect, an umbrella policy will make it possible to cover these damages without losing it all.
If you own a home, have any significant assets in addition to your home or have an investment portfolio or retirement savings account then you should definitely consider protecting your assets in case of an accident or lawsuit with an umbrella policy, it will kick in on top of your regular insurance to ensure that you are not stuck in a financial crisis because of an accident or unfortunate lawsuit.
As you grow your wealth, through investments and property, protect yourself from financial ruin by getting insurance that will keep you from having all you've worked for taken away.
An umbrella policy has three advantages. It provides additional lawsuit coverage of $1 million or more. It provides added coverage for defense costs, which can easily amount to $100,000 or more. And finally, it provides liability coverage for some lawsuits not covered by your underlying auto or home insurance. Examples include if you're sued over an incident involving a boat you rented on vacation, a car you rented in Europe, or even your work on a nonprofit board of directors.
If you are concerned about protecting your assets, then you need an umbrella policy. This is the absolute best option to keep yourself safe and it is also one of the best values in insurance. A typical umbrella insurance policy costs only $100 to $200 for $1 million of coverage and only around $100 more dollars to get $1 million more in coverage.
It is a good idea to carry an umbrella insurance policy to cover you in the event of a major accident that you might not be able to control. Accidents happen and if you are on the end of one where you find yourself at fault and the injured party is someone of esteem or value, you could be responsible for them financially - for their lost wages and medical bills in addition to emotional compensation for suffering - this can cost you literally millions of dollars. If you have assets to protect, an umbrella policy will make it possible to cover these damages without losing it all.
If you own a home, have any significant assets in addition to your home or have an investment portfolio or retirement savings account then you should definitely consider protecting your assets in case of an accident or lawsuit with an umbrella policy, it will kick in on top of your regular insurance to ensure that you are not stuck in a financial crisis because of an accident or unfortunate lawsuit.
As you grow your wealth, through investments and property, protect yourself from financial ruin by getting insurance that will keep you from having all you've worked for taken away.
About the Author:
About the Author: Leigh Jackson is a writer for the insurance industry. Jackson focuses on assisting consumers find the best insurance policies on a budget such as cheap Texas car insurance and no credit check car insurance policies.
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