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Accidents happen, and these incidents’ monetary consequences can sometimes be financially devastating. Although the costs of your daily risks are unknown, you want to ensure your financial livelihood is protected. Personal umbrella insurance offers the safety net you need.
What Is Personal Umbrella Insurance?
Personal umbrella insurance can help protect you against potentially damaging liability claims or judgments by covering any liability costs that exceed your existing liability policy limits. For instance, if you cause an auto accident and a third party is injured, your auto insurance may cover the driver up to your policy limit. However, if your limit can’t adequately cover the other driver’s medical bills, an umbrella policy may help cover the additional costs.
Without umbrella insurance, you’re liable for paying any additional expenses. Also, your assets are vulnerable without a personal umbrella insurance policy, including your house, car, financial and retirement accounts, and future income.
How Does Personal Umbrella Insurance Coverage Work?
An umbrella insurance policy adds a layer of protection to your primary policies. When you’ve reached your home or auto insurance limits, personal umbrella insurance can help cover the remaining costs.
A personal umbrella policy might even cover liability claims such as libel, slander and false imprisonment. Umbrella insurance doesn’t just protect you; it also protects your spouse and family members who live in your household and are named on your existing policies.
How Much Personal Umbrella Insurance Do I Need?
Umbrella insurance isn’t legally required coverage, but it can be beneficial if you have a lot of assets to protect or you have a high likelihood of being sued. These are financial worries you don’t want to assume personally, and a personal umbrella policy can protect you in an unforeseen incident.
Suppose you are legally responsible for injuring someone or damaging their property without a personal umbrella liability insurance policy. In that case, anything beyond the limits of your standard liability coverage will come out of your pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.
Personal umbrella insurance provides an extra layer of insurance coverage over your standard liability policies. It protects your assets by kicking in when your standard liability coverage is exhausted.
How Much Does a Personal Umbrella Insurance Policy Cost?
Personal umbrella insurance is relatively inexpensive compared to the added coverage you gain. Evaluating your financial needs and risks is essential to ensure you have suitable coverage.
The Cormack-Routhier Agency in Rhode Island can help protect your financial future with an umbrella policy for your lifestyle. Call us today at 401-944-9400 to get started.