Even though you have insurance that protects your automobiles, your home or your “toys” (boats, motorcycles and seasonal locations), do you have insurance that protects your assets? Is protecting your family’s financial assets a priority for you?
What is a Personal Umbrella Policy?
A personal umbrella policy provides additional liability limits above your personal auto, homeowners and watercraft policies. It protects your assets from a liability lawsuit and from paying out of pocket if there were a catastrophic liability claim. It also provides defense coverage, and in some cases may provide coverage when your other policies do not.
Here are two examples how a personal umbrella policy may help you:
Automobile: You are involved in an accident with another automobile where the passenger in the other vehicle sustained major injuries. You could be sued for $2 million in costs and future lost income of the injured person.
Social Media: Your teenager writes something on a social media site about another person in their school. The other teen’s parents sue for $3 million, because they feel the remarks are defaming and disparaging.
In both cases, your primary policy may pay on average only $250,000 – $500,000, leaving the additional burden to you and your family. A personal umbrella can help ease that burden.
What is the cost for a personal umbrella policy, and are there any discounts?
A personal umbrella policy is affordable. If you have only one automobile and one home, $1 million in coverage may cost just $150 to $200 a year. Additional automobiles, recreational vehicles, watercraft and additional liability limits would cause the premium to increase.
We all love lower premiums and there is a way for you to save money with multi-policy discounts. When you insure your automobiles and home you may be eligible to receive a discount on your personal umbrella policy. Conversely, a personal umbrella policy will give you a discount on your automobile and homeowners policies.
Contact Curtis Insurance Agency for more information regarding a personal umbrella policy and how it will help protect you and your family.