What is Umbrella Insurance?
Umbrella insurance is additional liability coverage, above and beyond your primary home and auto liability. This insurance will provide you with an extra layer of liability protection, over your auto, home, as well as your ‘toys’ such as boats, RV’s, Motorcycles, etc. If you have a business you may need a separate commercial umbrella policy.
What are the benefits of Umbrella Insurance?
- Additional liability coverage of $1 million or more.
- Added coverage for defense costs.
- Liability coverage for lawsuits that may not be covered by your underlying personal liability insurance.
When does Umbrella Insurance come most handy? Lawsuits. Lawsuits are an unlucky fact of life that occurs often these days. An injury can take place in homes, businesses, or in cars, and when it happens, the ones involved will usually fight for gain whenever money is involved.
Setting a scenario: Say you have $500,000 in liability coverage on your car insurance and you are involved in a accident. You are hit with a claim of $1,000,000 because of a serious incident that included bodily injury. You would be responsible for the extra $500,000 yourself UNLESS you had a sufficient umbrella insurance policy.
How much does umbrella insurance cost? It may come as a surprise how affordable umbrella insurance actually is. For a payment as low as $14 each month, you can normally add $1 million or more of safety liability coverage. The premium will vary depending on many factors such as the number of vehicles , homes, and recreational vehicles you own. The minimal cost is worth the peace of mind!
Who should be MOST concerned about owning umbrella insurance? If you have investments, property, or own any other assets that value more than your liability limits, making a monthly payment for umbrella insurance is where you should be looking.
Knowing you are protected is worth the low price; you can never be over insured for a lawsuit. Want to take a look at your insurance plan with one of our independent insurance agents and discuss options about umbrella insurance? Call us today at 845-986-1177. Email me at firstname.lastname@example.org. Or visit our website at www.seely-durland.com