When it comes to protecting the things that matter most, add an extra layer of coverage with umbrella insurance. An umbrella policy offers the extra coverage you need to protect your family, your assets and your future earnings from the threat of a large lawsuit. Consider these potential scenarios in which having an umbrella policy may provide additional coverage once you’ve exhausted your current auto and home limits. Do you have enough coverage in your existing policy if these events happen to you?
Example: You are sued for causing an auto accident that resulted in injury and death.
Medical bills will quickly exhaust your underlying insurance policy limits. Without an umbrella policy giving you additional coverage, would you have enough money to hire an attorney? Would you have the funds needed to pay a jury award or settlement?
Example: You are sued because a child drowned in your pool.
Without an umbrella policy, would you be able to afford the settlement costs for that child’s death?
Example: You are sued because your son caused an accident that resulted in permanent injuries to another person.
If you are sued for the injuries, medical bills and loss of earnings of the other party, these costs will likely be well beyond the limits of your auto policy. An umbrella policy may have protected your future earnings and taken care of defending you in court.
Example: You are sued because the candle you were burning started a fire in your apartment building.
Costs can pile up quickly in a multifamily building. The building owner may sue you for damage to the building and loss of rents. Other tenants may sue you for the costs associated with cleaning or replacing their belongings, the costs of moving and the increase in rent they would pay at another building. You have a renter’s policy, but is the liability limit enough?
Accidents happen and some choices you make with your coverage can help lessen the severity of the blow. That’s why an umbrella policy is so important. Contact your Mel Foster Insurance agent today and discuss your options for adding umbrella insurance.