An umbrella policy can pick up the pieces left behind in situations like this. Without an umbrella policy your savings, income, home, or business could be attacked.
Personal umbrella insurance policies are inexpensive.
Most umbrella insurance policies range from $10 to $30 a month for $1,000,000 to $2,000,000 worth of coverage. That is an extremely low price to pay for coverage that high. This low cost is well worth the assurance of financial preparedness for a liability event.
Consider this example: you have guests at your home. One of these guests injures themselves. You are found negligent and at fault. This injury requires various surgeries and physical therapy. In addition, the injury causes the guest to miss work. You are required to pay $1,000,000 for medical bills, loss of income, and emotional damages. Your homeowner’s insurance policy may only cover up to $300,000 for something like this, leaving another $700,000 to be paid.
A personal umbrella policy would fill the gap left by your homeowner’s policy.
There are countless risks that make an umbrella insurance policy useful. Compare its uses against its low cost, and you can see why we strongly recommend it.
If you would like to know what it would look like for you to have an umbrella policy, click the link below to schedule a time to discuss it with us!