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Major claims and lawsuits can suddenly put your assets at risk. When the insurance policy runs out, you can then be exposed to a civil suit. To protect your assets, umbrella insurance kicks in as an excess policy—so that when liability is exhausted, you still have coverage that further protects you. Let us guide you as to the best ways umbrella insurance can protect you in such scenarios.
connect with an agentAn umbrella insurance policy is extra liability insurance coverage beyond the limits of the insured's homeowners/renters, auto, or watercraft insurance. It provides an additional security layer for those at risk of being sued for damages to other people's property or injuries caused to others in an accident. It also protects against libel, vandalism, slander, and invasion of privacy.
Probably, your car, house, investments and retirement accounts, as well as your normal checking and savings accounts and even future income, are all considered assets. It is important to know that if you are sued for a lot of money and do not have enough liability insurance or an umbrella policy to cover those costs, all of your assets are exposed. People typically choose to buy an umbrella policy because they want to prevent the possibility of financial ruin due to one misstep or unforeseen accident.
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