Umbrella Liability Insurance: For Additional Layer of Security to Your Assets & Future Income

As your wealth augments, so does your attractiveness as a target for lawsuits. Settlements for property damage or grave injury can exceed the liability limits of your auto or home policies. You can lose your property, investments and savings, even your future income. Umbrella insurance delivers critical protection in such cases.

Umbrella liability insurance is designed to provide extra liability protection that goes beyond the limits of auto, home and watercraft personal insurance policies of the insured. It provides an extra layer of protection to people, who are at a higher risk of being sued for damages to other person’s property or injuries caused in an accident. This insurance protection is crafted to ‘kick-in’ when the liability on other insurance policies has exhausted.

For instance, you may only posses $300,000 in liability cover on your auto insurance. In case, you are hit with a claim of $1,000,000, you will be on the hook for $700,000 yourself unless you had a sufficient umbrella insurance coverage.

In addition, umbrella liability policy can ‘fill in the gaps’ by offering coverage for other incidents such as liability for rental properties or being sued for libel or slander.

Advantages:

• High Limit Availability
• Private Consultation
• Court Expenses
• Fills Coverage Gaps
• Reputation Defence

The premium for an Umbrella Liability Insurance Policy may be less expensive in case, the coverage is purchased from the identical insurance carrier, who provided the original home, auto or watercraft insurance. Depending on the carrier, the policyholder who wishes to add umbrella insurance is entailed to have a base insurance cover of $150,000 to $250,000 for car insurance and $250,000 to $300,000 for home insurance.