Who Needs Umbrella Insurance?
Starting with a minimum protection of $1 million, you may think of umbrella insurance as something that doesn’t relate your lifestyle. But you don’t have to be an oligarch to be subject to potential losses exceeding what your homeowners insurance covers. In our litigious culture, with increasingly hefty settlements being awarded every day, everyone is vulnerable to accountability for unintended incidents resulting in damages to another party. Umbrella Insurance is a good investment for anyone who has more in assets than they have in liability coverage from their homeowners, condo or renters insurance.
What Does Umbrella Insurance Cover?
An Umbrella policy steps in after you have reached the limit and paid out the maximum liability coverage from your homeowners policy. It will also cover you for things such as libel and slander and will even protect you for liability claims when you’re traveling outside the United States.
Umbrella Insurance protects your savings and other assets. If you’re sued for damages that exceed the liability limits of your homeowners policy, an Umbrella policy helps pay what you owe.
These are some every day scenarios that could accidentally cause major injuries or property damage to someone else and lead to financial ruin …
- Doing volunteer work
- Coaching your child’s sports team
- Participating in sports that cause injury to a teammate or spectator
- Owning a dog that does things that dogs sometimes do
- Posting an opinion on social media
The list goes on and on of everyday activities and situations in an average, day-in- the-life of most Americans. Normal things we do with no intention of causing damages to someone else but – BAM! – it sometimes does and there you are. Holding the bag of financial responsibility and facing a lawsuit […]