An umbrella policy was created to provide additional coverage when a lawsuit brought over injuries and/or property damage that you cause exceeds the liability limits on your car insurance, home insurance, boat insurance, etc. Umbrella insurance provides coverage for these injuries, damages to property, certain lawsuits, and other personal liability situations.
Having an umbrella policy has three major advantages. First, an umbrella policy will provide coverage for you up to $1 million dollars over your normal insurance coverage. This money will cover expenses incurred when a lawsuit is brought against you that targets your assets and could wipe out all that you own. Second, umbrella policies provide liability that goes further than your current insurance policies, filling the gap in many ways. Finally, an umbrella policy includes insurance for things that are not covered in normal insurance policies; this includes things like foreign rental cars and work with volunteer organizations.
Everyone concerned about losing income or assets in one large lawsuit needs an umbrella policy. An umbrella insurance policy is the absolute best buy in the insurance business. It costs only about $150 to $200 for the first $1 million of coverage, then about $100 for each additional $1 million.
You can't control whom you might injure. If you injure, for example, the CEO of a large corporation, a professional baseball player or a doctor, you would owe for lost wages, medical bills, and pain and suffering. The lost wages alone for those types of people, if they can't work for 10 years, could start anywhere from $2 million to $3 million and run up to as much as 10 times that amount. Medical bills might be about $500,000. And then, there is compensation for pain and suffering.
You should get an umbrella insurance policy if you own your own home, if you have significant assets outside of your home and if you have a retirement or any other type of investment portfolio. These assets are vulnerable in the event of a lawsuit and should be protected to the greatest degree possible, a typical homeowners insurance policy will not protect them all the way, an umbrella policy will make sure you're covered from harm in the event of a catastrophe.
As you grow your wealth, through investments and property, protect yourself from financial ruin by getting insurance that will keep you from having all you've worked for taken away.
Having an umbrella policy has three major advantages. First, an umbrella policy will provide coverage for you up to $1 million dollars over your normal insurance coverage. This money will cover expenses incurred when a lawsuit is brought against you that targets your assets and could wipe out all that you own. Second, umbrella policies provide liability that goes further than your current insurance policies, filling the gap in many ways. Finally, an umbrella policy includes insurance for things that are not covered in normal insurance policies; this includes things like foreign rental cars and work with volunteer organizations.
Everyone concerned about losing income or assets in one large lawsuit needs an umbrella policy. An umbrella insurance policy is the absolute best buy in the insurance business. It costs only about $150 to $200 for the first $1 million of coverage, then about $100 for each additional $1 million.
You can't control whom you might injure. If you injure, for example, the CEO of a large corporation, a professional baseball player or a doctor, you would owe for lost wages, medical bills, and pain and suffering. The lost wages alone for those types of people, if they can't work for 10 years, could start anywhere from $2 million to $3 million and run up to as much as 10 times that amount. Medical bills might be about $500,000. And then, there is compensation for pain and suffering.
You should get an umbrella insurance policy if you own your own home, if you have significant assets outside of your home and if you have a retirement or any other type of investment portfolio. These assets are vulnerable in the event of a lawsuit and should be protected to the greatest degree possible, a typical homeowners insurance policy will not protect them all the way, an umbrella policy will make sure you're covered from harm in the event of a catastrophe.
As you grow your wealth, through investments and property, protect yourself from financial ruin by getting insurance that will keep you from having all you've worked for taken away.
About the Author:
About the Author: Leigh Jackson is a writer for the insurance industry. Jackson focuses on assisting consumers find the best insurance deals without breaking the bank. Most recently, Jackson has written about cheap Texas car insurance and no credit check car insurance policies.
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