What if your neighbor, tripped and fell on your property? You could wind up facing a $1,000,000 or higher lawsuit for medical bills etc. If your homeowners policy pays a maximum $500,000 for liability, you would be in a tight spot—your home & other assets can be seized, future earnings can be taken.. You need an Umbrella!
Personal Umbrella Liability Insurance
An umbrella policy gets its name because it provides an extra layer of protection in the event that the maximum limits of any other liability insurance carried is reached. Umbrella policies are usually sold in increments of $1 million, and they typically require deductibles equal to the coverage limits on your homeowners and auto policies.
Not Just For The Rich
Juries typically don’t take into account a defendant’s ability to pay when deciding the amount of an award, so exposure to risk can affect people at all income levels. Just having a swimming pool or a teenager could expose you to additional risk. If you don’t have enough liability coverage to resolve a claim or a lawsuit, the plaintiff could go after your house or other assets, depending on the laws of the state where you live.
Not Just For Home or Auto
Many umbrella policies include coverage for things excluded on standard auto, renters, and homeowners policies such as libel, slander, invasion of privacy, defamation of character, or other personal injuries. Some umbrella policies also provide coverage if you face personal liability arising from your service as a board member of a civic, charitable, or religious organization.
Stonebrook Insurance Group has extensive experience with all aspect of your Umbrella Insurance needs. Call or email today for your free, no obligation quote!
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