Lawsuits are increasingly common in our society, and can quickly consume the livelihood and savings you’ve spent your life building. To protect yourself from any future lawsuits, you need an umbrella insurance policy. This policy is also referred to as liability insurance because it will compensate you in the event of litigation.
Umbrella insurance, sometimes called excess liability insurance, is a type of policy that provides additional coverage beyond the limits of your other insurance policies. This can be important if you have significant assets that you want to protect in case of a lawsuit. Umbrella insurance policies generally provide $1 million or more in coverage, and they kick in when you reach the limit on your other insurance policies. For example, if your homeowners and auto insurance limits are both $500,000 and you’re sued for $2 million, umbrella insurance would provide the additional $1 million in coverage. Umbrella insurance is generally inexpensive relative to the amount of protection offered, making it a great way to protect your family’s finances from costly litigation.
Before making a final decision on umbrella insurance, it’s important to talk to an experienced insurance agent who can help you determine the right amount of coverage. Our team can help you find affordable protection that matches your needs; call us today for more information.
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