Umbrella insurance provides an additional level of liability coverage beyond what is provided by your auto, watercraft, or home insurance. You may need it if you face the risk of being prosecuted for damaging property or injuring someone in an accident.
What is umbrella insurance?
This type of coverage can be a big help if the covered person is sued and the total limit of the original policy has been exceeded. Lawsuits are becoming more and more common in the present day, so it is best to be prepared for unforeseen events. For example, you could be responsible for causing a big car crash or your pet could attack someone.
An event like this may never happen, but it can’t be ruled out altogether. If someone decides to sue you for frivolous reasons, you will have to make arrangements for your own defense. This type of policy can also provide coverage against invasion of privacy, slander, vandalism, and libel. Get free, no-obligation umbrella insurance quotes from the leading insurers now.
Auto and homeowner policies include liability coverage for costs like therapy for rehabilitation, medical bills of injured persons, and wages lost because of the person who is at fault. They also offer coverage for legal expenses if the person who is at fault is sued.
However, the standard liability coverage provided by an auto or homeowner policy may not be enough to cover the legal fees and medical costs of the injured persons. A lawsuit could even result in the personal assets of the person who caused the accident being seized. This can be a big risk, especially if you have a high net worth.
Do I really need to buy an umbrella insurance policy?
This type of insurance is just right for someone who has a high net worth and faces a major risk of being sued. If you have a lot of assets, you may want to buy a policy of this type. You may also want to consider it if you face a higher risk of accidents because of the place where you live, your profession, routine, way of life, or hobbies.
Another important consideration is how much importance you attach to being prepared for all eventualities and having peace of mind. For a few dollars a day, you can get appropriate liability coverage for the risks you face for.
Get a better deal
This type of coverage may cost less if you buy it from the same insurer who provided the original policy. You can save by knowing about the type of coverage you need and shopping around for the best offers. Compare quotes obtained from a few reputable insurers before you sign up.
Ask them to provide estimates for the same type of coverage, so it will be easier to compare the offers. Online reviews will help you to compare the ratings of different insurers. Get free, no-obligation umbrella insurance quotes from the top insurers now.