By Alice Yao | Updated June 23rd, 2020
A Personal Umbrella insurance policy offers an extra layer of liability protection above and beyond your standard insurance policies.
The coverage on an Umbrella policy starts at $1 million and generally goes up to $5 million.
Just like its name, the Umbrella policy encapsulates all of your assets under its protection including your home, cars, recreational vehicles, savings, retirement funds, and even future earnings.
The policy even shields your immediate family living under the same household, including your spouse and children who are still financially dependent on you.
If you happened to be in a major at-fault accident and exhausted your auto liability coverage limit to pay for the other person’s injuries and/or vehicle damage, your Umbrella policy will not only step in to pay for any outstanding amount, it will also help you fight those personal lawsuits.
With record-high home values in the Greater Seattle area, many residents are especially vulnerable to costly lawsuits. If you were found liable for damages or injuries to others, an Umbrella policy can provide the maximum protection to ensure that your assets are safe and secure.
An Umbrella policy is also very affordable given the peace of mind it provides. The Insurance Information Institute estimates that a $1 million Umbrella policy costs between $150 and $300 per year*.
Keep in mind that in order to purchase an Umbrella policy, you must also meet certain coverage limit requirements on your standard insurance policies, such as auto, recreational vehicle, and property policies.
For more information, be sure to talk to your insurance agent and find out how you can be protected under Personal Umbrella insurance.
*”What is an Umbrella liability policy?” https://www.iii.org/article/what-Umbrella-liability Retrieved 5-19-20.
By Alice Yao |