PERSONAL UMBRELLA INSURANCE

PERSONAL UMBRELLA INSURANCE

5 Benefits Of Having A Personal Umbrella Policy

The personal umbrella insurance policy provides you with an additional layer of liability coverage in case you exceed your liability limits on your auto or home insurance policy. Opting for an extra layer of liability protection can have its benefits in many situations.

The top five reasons why you should have a personal umbrella insurance policy include;

 1. Protects you when someone gets hurt as a result of your hobby

If you regularly engage in high-risk activities or hobbies, you would be at an increased risk of being sued when someone gets injured as a result of your hobbies. An example would be someone drowning in your swimming pool.

When you get sued, and you are expected to pay an amount that exceeds your liability limits, a personal umbrella policy would cover the additional costs.

2. Protection of assets and wages

A personal umbrella policy would protect your home and retirement savings. If you do not have a personal umbrella insurance policy and you exceed your limits, the court has the right to order that your wages be garnished on the event that you get sued and you regularly insurance doesn't cover the cost.

3. Protects you when you injure someone with your vehicle

It doesn't matter if you are the best driver in the world, you would always be at risk of getting involved in a motor accident. When this happens, and someone gets injured as a result of your driving, you almost certainly going to get sued.

Imagine a situation where you hit a pedestrian who suffers multiple injuries and requires multiple surgeries and even has to miss months of work to recover. If this person decides to sue you, for lost wages and medical costs, you would most likely exceed the liability limits of your auto insurance policy and a personal umbrella insurance would cover the extra cost.

4. Protects you in the event someone injured on your property

A personal umbrella insurance policy provides you with an extra layer of protection when you hit the limit of your home liability coverage.

If your visitor falls down your stairs and decides to sue you and the court demands that you pay an amount that exceeds your regular home coverage limits, your personal umbrella insurance policy would cover the cost up to the point of your umbrella limit.

5. Protecting you when you get sued for slander, decisions you have made during volunteering or defamation of character

A personal umbrella insurance policy would provide coverage for any form of a controversial lawsuit. It could include media rants, controversial posts blog, and the likes. Simply put, when a person sues you for defaming their character, your personal umbrella insurance policy will provide you with liability coverage.

A personal umbrella insurance policy ensures you have peace of mind at all times. No one wishes for bad things to happen, but the truth is that they do happen. It's better to be prepared so that you would not need to panic when such unforeseen events occur.