Whenever a serious accident occurs, most people lean towards taking legal action. Whether that’s to simply maintain their income because their insurance does not provide it, or to cover intimidatingly high medical bills, compensatory costs can reach into the hundreds of thousands or millions if the victim’s occupation is high and the injury is serious enough. Those costs, for insurance purposes, fall under your liability coverage. Umbrella insurance can pay for others’ injuries sustained on your property to include hospital bills, legal fees, physical and emotional hardship, lost wages, and more.
Many people don’t realize what they’re worth. While you might only have a few thousand in the bank, your home, cars, any retirement savings, and more can all be taken to satisfy a debt determined by other insurance companies. Because this debt can be placed on the items themselves, it can follow through to your children if they choose to sell your home or cars after you pass. If the debt is serious enough, companies can even garner up to 30% of your wages for however long they need to help repay it.
So how can umbrella insurance help? Umbrella insurance is designed to protect your assets by covering all injury costs caused by/on virtually any of your property by serving as an extension to any existing liability coverage insurance policy. If you hit someone with your automobile or boat, or someone injures themselves on your rental property, umbrella insurance can help. This extra protection comes in $1 million increments up to $10 million; and $1 million dollars in coverage can cost less than $1 a day! This coverage extends to any property you own or rent anywhere in the world.
You can completely customize your umbrella policy to also provide coverage for any of the following (and then some!):
A personal umbrella policy follows you anywhere in the world and often includes features that aren’t included in your underlying policies. You can customize them to cover liability losses that may occur on your vacant and rental properties, or any damages caused by a vehicle you’ve recently restored. On top of all that, umbrella policies have your back in unanticipated ways. For instance, your policy can help cover legal fees and damages if you are accused of slander in a social media post!
