Many people are unsure what a personal umbrella policy is or what it covers. We will explain the basics of a personal umbrella Insurance policy and the benefits to you. When you are outside and there is a light rain or breeze you generally don’t need or want an umbrella. However, if it is pouring down rain with high winds, you take your umbrella. An umbrella insurance policy works much the same way.
Personal umbrella insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your personal auto and home policies.
Here is an example: John Doe falls asleep while driving and hits a van with a family inside. The accident results in $600,000 of medical bills, but John Doe's auto policy has a $500,000 limit. Fortunately, John Doe also has a $500,000 umbrella policy, and the additional $100,000 would be covered under the umbrella policy
It is true that personal umbrella insurance may not be for everyone, but if you are building financial resources for your future, are a professional, own your home, boat or recreation vehicle, you should consider an umbrella insurance policy. Having the added protection of an umbrella insurance policy is coverage no one should go without.
Umbrella insurance is really not expensive. Please give us a call and allow us to give you a quote!