What is Personal Umbrella Insurance?
You fall asleep at the wheel when driving home and cause an accident that seriously injures several people. You’ve been meaning to fix the deck in your backyard, but a guest walks over it and falls through. In these cases, the injured parties may sue you for amounts above one million US dollars (USD). Your auto insurance will offer you some liability, and will pay only to the amount of liability you posses. Likewise, your homeowner’s policy will pay out at the liability rate you have purchased. In these cases, personal umbrella insurance, sometimes also called personal liability insurance can help you survive a lawsuit without losing everything you own. Personal umbrella insurance acts as protection once your other policies have been exhausted. In cases where personal umbrella insurance is not purchased, causing an accident can result in your surrender of all your material goods in order to assess their value. Most often the property is assessed is the home you own, cars and boating go
Personal umbrella insurance is low-cost liability coverage that provides an extra measure of security beyond the limits of the liability insurance on your AAA auto and homeowners policies. Personal umbrella insurance provides additional limits of coverage if you’re sued for damages suffered by someone as a result of an accident – involving your car, property, or while participating in recreational activities such as boating or golfing.
Personal Umbrella insurance is coverage that protects your home, property and assets when your home or auto insurance policy coverage is exhausted. Example: You’re in an accident where the judge awards the other party $1 million. But your insurance only covers up to $500,000 and you’re still responsible for the remaining $500,000. Your Personal Umbrella protection from Progressive can help pay the remaining amount. With limits up to $5 million, Progressive’s Personal Umbrella coverage can help you protect your home, cars, savings – and your lifestyle.
Personal umbrella insurance provides coverage beyond your homeowner or auto policy by adding an extra layer of liability coverage. Coverage is provided in amounts of $1,000,000 increments. Umbrella insurance also covers situations that may not be covered by another policy such as slander or libel.
Personal umbrella insurance provides coverage beyond your homeowner or auto policy by adding an extra layer of liability coverage. Coverage is provided in amounts of $1,000,000 increments. Umbrella insurance also covers occurances that may not be covered by another policy such as slander or libel. Personal umbrella insurance ensures financial security for you and your family. Who should purchase personal umbrella coverage? Historically, wealthy people with sizable assets have purchased personal umbrella coverage. This is no longer the case. Since our society has become more litigious, people of all income levels are choosing to extend their liability coverage. The greater your risk factors, the more you will need to protect yourself. Some high-risk factors include: • Owning a personal watercraft • Having a young driver in the family • Owning a swimming pool • Owning a recreational vehicle 4. Additional living expenses This pays the additional costs of living away from home if you can’t
