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Don’t Let a Lawsuit Jeopardize Your Assets: Get a Personal Umbrella Policy

Personal Umbrella Policy protects personal assets from lawsuits

Do you own a dog, drive a car, or invite guests into your home? If so, you have the potential to be a target of a lawsuit, putting you at risk of losing everything you’ve worked for over the years – your home, your savings, and even your future income. Unfortunately, we live in a society where:

  • lawsuits are becoming commonplace
  • most people are unprepared for the consequences
  • verdicts and settlements are often in the millions of dollars

The good news is that there’s a way to protect yourself. It’s called a Personal Umbrella Policy. A personal umbrella policy provides an extra layer of protection over the coverage already provided by your auto, homeowners or other personal insurance policies.

For example, let’s say you are involved in an auto accident. Your auto insurance has a limit of $300,000 for bodily injury or property damage liability per accident. Unfortunately, the other driver sues you and you are found to be at-fault. The suit is settled for $1 million dollars and you are liable to pay! Your auto insurance will pay the first $300,000 but what about the remaining $700,000 dollars? How will you ever pay for that?

Thankfully you have a personal umbrella policy with a $1 million dollar limit. It will pay the remaining $700,000. Another great benefit of the Personal Umbrella policy is that it can potentially provide coverage for some of those perils not included in basic policies like:

  • Libel
  • Slander
  • False imprisonment
  • Wrongful eviction
  • Violation of privacy rights
  • Wrongful detention

And remember, that lawsuit we just used as an example? Your personal umbrella policy will pay your defense costs which could save you thousands in legal fees!

The personal umbrella policy offers many limit options, so it’s best to work with your independent agent to determine which amount is right for you. Contact us today to learn more about the protection provided by a Personal Umbrella Policy.