Customer Friendly Umbrella Insurance Coverage
Many find themselves concerned that they may not have the necessary level of liability insurance to protect themselves properly. In addition, if one were to find his or herself injured due to a serious accident and unable to work or should he or she acquire some serious illness, it can mean financial ruinous consequences. Knowing this, a good umbrella insurance policy can be the perfect thing for many. Though this protection is especially helpful to those with many assets, it can help anyone in truth.
What it Does
This protection goes way beyond the policy limits of the usual homeowner, car, business or motorcycle insurance plan. Often, one’s standard liability coverage will be inadequate to fully compensate for someone’s damages, (if you are deemed at fault). Whether it is from a motor vehicle or home accident, this is why umbrella coverage can be so helpful in avoiding potential financial ruination.
How it Works
Umbrella policies can be purchased as add-ons for any plan one has that includes liability insurance in the coverage. This protection covers the individual (or businesses) that purchases the policy and can end up being vital, if not certainly very helpful, for dealing with legal expenses, property damage, medical costs and awards from litigation.
Umbrella coverage is usually offered in $1 million increments. Depending on one’s history, the first million dollars of umbrella protection will often cost just $300 a year. Each additional million dollars of coverage will likely add another $100 or so to the bill.
Also, umbrella insurance can provide protection for certain perils not adequately covered by one’s existing homeowners’ or auto or business insurance policies. Examples include:
• Defamation or Slander
• Malicious Prosecution
• False Arrest or Imprisonment
• Infliction of Mental Anguish
Though not common for most, the possibility of being sued can be frightening and potentially a financial disaster. A big benefit with umbrella insurance is the peace-of-mind in knowing that if something goes wrong you are well protected. Umbrella policies, which are relatively inexpensive for their value, can greatly protect a policyholder.