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Umbrella Insurance

What is Umbrella Insurance?

When you are sued, your assets are at risk. You could lose your house, car, and more if the court decides you must pay damages. Even if you have liability insurance it may not be enough. One way to get protection is by having umbrella insurance. This is liability insurance that provides extra coverage on top of your existing insurance policies. You would use it if the damages you have to pay exceed the limits of your primary liability policy. You could also use it to cover something that might not be included in your primary policy, such as being sued for libel.

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In short, umbrella insurance protects your assets when you are facing a lawsuit. If you cause an accident and someone suffers $500,000 in injuries, then the court might require you to pay the full amount. Your policy might cover $300,000. That means you have to come up with the $200,000. Umbrella insurance can help with that otherwise you might have to sell your house or some other assets.

Umbrella insurance pretty much covers everything you need. Bodily injury is for medical bills and related injuries that you cause to someone else or that occur on your property. This includes “slip and fall” injuries in your home, dog bites, and auto accidents that you cause.
Property damage covers the cost of damage to someone else’s property. Rental property helps pay for incidents related to your rental property. This can include a tenant being injured on the property because of repair you neglected to make. Lawsuits coverage pays legal fees if you’re sued for libel, slander or face malicious prosecution or false imprisonment.

If you are concerned about your assets, then speak with an insurance agent about umbrella insurance.

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