Posts Tagged ‘Umbrella Insurance’

Protect Your Assets – Umbrella Insurance Policies Expand Auto and Home Liability

November 14th, 2022

Most homeowners have a homeowner’s insurance policy, as it is a requirement when financing a mortgage with a bank. Homeowner’s insurance, also known as hazard insurance, protects against the loss of a home to fire or other designated perils and includes coverage of home contents, personal liability coverage, and loss of use.

Automobile liability insurance covers you when you are involved in an accident. Most policies provide up to a maximum of $500,000 in coverage, where an umbrella policy can increase that limit by an extra $1 million or more, depending on the amount of financial protection you want. That way by adding umbrella insurance, you are likely to have the necessary limits to cover you in a serious accident. An umbrella expands coverage in the event a legal claim is filed against you from any involved parties.

An umbrella policy can cover claims for which you have no insurance as well as providing an additional amount over your underlying automobile and homeowner’ s liability limits. Most people buy automobile and homeowners insurance from the same insurance provider because they receive a multiple coverage discount. Therefore, umbrella coverage would cover any liability for the home and automobile as well as any automobiles, boats, recreational vehicles, and other items that fall under the umbrella. The primary purpose of an umbrella insurance policy, then, is to protect your personal assets from liability claims.

For the most recent data available, the National Highway Traffic Safety Administration reported that vehicle crashes were the 11th leading cause of death for the general population in the United States in 2009. For those aged 4, and all ages 11 through 27, motor vehicle crashes continue to be the leading cause of death. With over 5.5 million car crashes annually, there were more than 30 million injuries with nearly two million people requiring hospitalization for injuries they sustained.

If the number of vehicle crashes were not enough to have you consider adding umbrella coverage, certain aspects of your home may also warrant added liability coverage. Owning a home with a swimming pool or trampoline, for example, is a good reason to consider an umbrella policy. If an accident should occur, extra liability coverage will help cover court costs and any damages up to the liability limit of the policy.

Without umbrella insurance coverage, you would be personally responsible for paying off any damages of an awarded personal injury and other related costs included in a liability claim. Just one unfortunate event can result in a catastrophic financial outcome for you and your family.

Available in increments of $1 million, umbrella insurance can protect your family from financial ruin. Your insurance agent or broker will be more than happy to discuss umbrella policy alternatives with you given your personal situation. One incident can pay for the cost of the premium many times over. Despite the fact that umbrella policies are quite affordable, if you are cash strapped, you may want to consider increasing your deductible on home and auto insurance to give you the cash necessary to protect you and your family from a successful liability claim.

Umbrella Insurance – The Best Liability Insurance

August 14th, 2022

What is an umbrella insurance policy? This insurance policy has proven itself as the best insurance policy and people are curious to know more about it, so that they can avail one of the best opportunity for securing their assets and liabilities. Umbrella insurance policy as the name suggests, is a full protection plan against the hard hitting crises. Its protection is similar to that of an umbrella, which protects you from bad weather; be rainstorm or harmful sun rays.

In this article, we will discuss the benefits and advantages of an umbrella insurance policy. This insurance plan or policy provides you a complete coverage for your injuries, liabilities, assets and damages to any property or possession. From this we can understand the effectiveness and benefits of this insurance plan in the days of adversity and crisis.

There is a long list of covers offered by an umbrella insurance policy. This insurance plan is basically liability insurance with a number of additional packages. A person can chose a number of assets, for which he requires an insurance plan.

Furthermore, this umbrella or excess insurance product also helps in the defense in lawsuits as matters of your landed property may lead you to the court. The umbrella insurance plan helps you in getting a suitable and proficient lawyer. To avail such an outstanding insurance policy, there is an eligibility criterion for the selection of suitable candidates; therefore, you need to understand the basic terms and conditions in relation to the umbrella insurance products. The basic condition or constraint to meet the criteria is to set the minimum limit on your liabilities, such as your vehicles and homes.

The reason behind the remarkable popularity of the umbrella or excess insurance plan is, its convenient and flexible mode of payment as well as easily payable premiums. The umbrella insurance policy is of great benefit for everybody. Suppose, you had an unfortunate accident and the damage to your car will cost a fortune or you may be injured seriously. Usually in such a case, the other insurance plans will pay for your car damage and that’s all; but umbrella insurance product takes coverage to another level and provides you adequate compensation for the personal injury as well. I hope that you will be able to understand, what is the true worth of an umbrella product and to what extent this insurance plan can be beneficial to you in securing your future.