Q. I have heard the term "umbrella insurance", but how do I know if I need it or not?
A. The Umbrella Insurance is also known as Personal Liability Policy, it acts like an umbrella: sits over your auto and homeowner's, renter's and/or condo insurance policies to provide an extra layer of protection.
Coverage from your homeowner's, auto policies will pay for damage, but if a claim exceeds the limits of those policies, you could be held responsible for any amount that is not covered. With an Umbrella Insurance, the insurance company will step in the process and you can bet they will scrutinize any excessive claims.
The best of all, an Umbrella Insurance is inexpensive. Average policy costs $150 to $300 for the first million dollars in coverage, and an additional $75 for every million dollars in coverage after that. Remember, a small lawsuit could potentially wipe out your lifetime savings, a small investment in an Umbrella Insurance offers you a big protection.
A. The Umbrella Insurance is also known as Personal Liability Policy, it acts like an umbrella: sits over your auto and homeowner's, renter's and/or condo insurance policies to provide an extra layer of protection.
Coverage from your homeowner's, auto policies will pay for damage, but if a claim exceeds the limits of those policies, you could be held responsible for any amount that is not covered. With an Umbrella Insurance, the insurance company will step in the process and you can bet they will scrutinize any excessive claims.
The best of all, an Umbrella Insurance is inexpensive. Average policy costs $150 to $300 for the first million dollars in coverage, and an additional $75 for every million dollars in coverage after that. Remember, a small lawsuit could potentially wipe out your lifetime savings, a small investment in an Umbrella Insurance offers you a big protection.
RSS Feed
