Why You Should Consider Purchasing Umbrella Insurance to Protect Your Personal Assets

09/07/2021By Robert MacoviakUmbrella Insurance

There are many reasons why umbrella insurance is a smart purchase. The first reason is that umbrella insurance protects your personal assets in the event of a lawsuit for an amount over and above what you can afford to pay out of pocket. In other words, excess liability insurance covers any liability claims up to the amount specified on your policy. What this means for you is that if someone makes a claim against you or sues you, they will have to reach into their own pockets before they can touch yours!

What is Umbrella Insurance?

Umbrella insurance is excess liability insurance which covers any liability claims up to the amount specified on your umbrella policy. That means if someone makes a claim against you or sues you, they will have to reach into their own pockets before they can touch yours!

For example, let’s say that John has $250k in excess liability insurance coverage. If John gets sued and the jury awards him $750,000 in damages ($500k more than his umbrella policy), his umbrella insurance will cover the difference up to a maximum of $250k for this one incident – so he is only out-of-pocket for the first 250K!

This means that you can be confident in the fact that excess liability insurance will protect you from any liability claims, including those over and above your self-insured retentions.

There are many reasons why umbrella insurance is a smart purchase. The first reason is that umbrella insurance protects your personal assets in the event of a lawsuit for an amount over and above what you can afford to pay out of pocket. In other words, excess liability insurance covers any liability claims up to the amount specified on your policy. What this means for you is that if someone makes a claim against you or sues you, they will have to reach into their own pockets before they can touch yours!

Why You Should Consider Purchasing Umbrella Insurance to Protect Your Personal Assets?

There are many reasons why umbrella insurance is an excellent choice. The first reason is that umbrella insurance protects your personal assets in the event of a lawsuit for an amount over and above what you can afford to pay out of pocket. In other words, excess liability insurance covers any liability claims up to the amount specified on your policy. What this means for you is that if someone makes a claim against you or sues you, they will have to reach into their own pockets before they can touch yours!

The second reason umbrella insurance is such a smart purchase is because it protects your assets in the event of an injury. It’s important for those who face any type of personal liability exposure to think about how umbrella insurance can protect them in the event of an injury or other loss.

The third reason umbrella insurance is a smart purchase is for those who have high net worth’s and need to be protected from large liability judgments. These are people with assets that could potentially cover any judgment, but it’s still important they consider excess liability insurance as their excess protection if they feel as if they are a target for litigation.

The fourth reason umbrella insurance is such a smart purchase is because it protects you in the event of an injury caused by someone else’s negligence or misconduct. This type of umbrella coverage includes but isn’t limited to libel and slander cases that may stem from accidents on your property or discrimination lawsuits relating to your business practices.

The final reason excess liability insurance is a smart purchase is because it can protect you from an injury that leads to a liability claim or lawsuit for which the statute of limitations has expired. This means that umbrella coverage provides protection against old claims and lawsuits in addition to those currently pending, giving peace-of-mind as well as extra protection.

Why a Personal Umbrella Policy May Be More Affordable Than You Think?

The umbrella policy is often less expensive than the initial insurance premiums for a personal auto, home and business insurance policies combined. So, your umbrella will spend more time providing protection for you instead of just sitting in your wallet!

It’s possible to purchase umbrella coverage as an add-on to existing liability limits available through current insurers. This means that you may be able to take advantage of umbrella coverage without ever needing to go out and purchase additional umbrella liability insurance.

You can also add umbrella protection for your car, home or business by purchasing an umbrella policy from a different insurer if the primary carrier doesn’t offer it as an option.

Many people find umbrella insurance more affordable than they expect because it’s a one-time expense as opposed to having to pay monthly premiums for several types of policies.

Many umbrella coverage providers offer discounts on annual premium rates if you have multiple personal lines of insurance with them, such as auto and home policies or even boat and RV protection.

Finally

If you would to like to discuss your options for umbrella insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!

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