Sometimes it feels like there are so many different types of insurance, it’s hard to keep track of them all. You have homeowners insurance, car insurance, life insurance, health insurance, and possibly other kinds already; do you really need more? Umbrella insurance is a secondary liability insurance that covers personal liability. It’s not a stand-alone policy, but rather something you get in addition to another that gives you more liability protection if you are sued. This inexpensive policy protects your financial future in a whole new way since it protects your limits in your other insurance policies.
What Do Umbrella Policies Cover?
If you get umbrella insurance, you are protected from litigation that could come from injuries or property damage. You also get coverage for legal defense costs if you are sued for damages to other people’s property or for injuries that might have occurred. Since lawsuits are everywhere today, it never really hurts to have an umbrella policy. Regular insurance only goes so far, and things happen when you least expect them to occur. Expenses in a lawsuit can range high and the umbrella policy can pay for lost wages, rehab therapy, medical bills, lawyer bills, and much more.
How Much Extra Will It Cover?
Personal liability umbrella policies can give you a lot of extra protection for not a lot of extra costs. The amounts depend on the coverage you choose, but you can get policies for as little as $100 extra a year and get $1 million extra in coverage. The amount you pay increases based on how much coverage you want. In the event that you have to use it, you’ll be glad you spent that $100 to get the $1 million of coverage you could receive.
How Much Coverage Do You Need?
You never want to be too covered because that means you are wasting money on insurance you know you’re never going to use. In order to get the right amount of coverage, ask what your assets are valued at, how much income you could lose in the future, and what risks you face. If you have a lot to lose, an umbrella policy can help protect those assets. On the other hand, if you don’t have anything at all, having a policy can help protect you from financial ruin or worse if something happens in the future.
Look Into Umbrella Insurance Policy Details
The only way to know for sure if you need or could benefit from umbrella policies is to look into the details further. Examine the options with an insurance specialist from Nickerson Insurance and see how they measure up. You never know what’s going to happen in your life and that’s exactly what insurance is here to help with…to cover you when the unexpected happens. If you worry about just how far your current policies would go in the event of an accident, lawsuit, or another incident, check out umbrella insurance for further peace of mind.