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Understanding the Need for Personal Umbrella Insurance
​​Your homeowners and auto insurance policies include liability coverage to protect you against costs arising when you're legally at fault for bodily injury or property damage. However, these policies typically have relatively low liability limits, often in the range of $300,000 to $500,000.
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But what happens if a serious accident or incident leads to a claim that exhausts the primary liability limits on your policy? This is where a personal umbrella or excess liability policy steps in to provide an additional layer of protection, safeguarding you from potentially devastating financial loss.​​​
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Umbrella policies vary in coverage terms and limits. We work with you to identify and protect your assets and determine a coverage limit that makes sense for you.
What is Personal Umbrella Insurance?
A personal umbrella insurance policy is designed to augment the liability coverage of your existing homeowners, auto, and other personal insurance policies. It provides an extra layer of liability protection, typically ranging from $1 million to $5 million or more in coverage.
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This additional coverage kicks in after the limits of your primary liability policies have been reached. It helps cover the costs of things like:
- Serious accidents or injuries where you're found legally liable
- Lawsuits for libel, slander, or defamation
- Injuries to others on your property
- Damages caused by your pets
- Legal fees and court costs associated with liability claims
Why Do I Need Personal Umbrella Insurance?
In today's litigious society, the risk of being sued for a significant claim is higher than ever. A serious accident or incident could quickly exhaust the liability limits of your standard insurance policies, leaving you personally responsible for the remaining costs. This could include your assets, future earnings, and even your retirement savings.
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Personal umbrella insurance provides an affordable way to safeguard your financial wellbeing and give you peace of mind. It acts as a safety net, protecting you from catastrophic losses that could otherwise jeopardize your financial security.
How Much Umbrella Coverage Do I Need?
​​​​​The appropriate amount of personal umbrella coverage depends on your unique circumstances, including your assets, income, and potential liability risks. As a general guideline, experts recommend carrying umbrella coverage of at least $1 million, with some suggesting limits as high as $5 million or more for those with significant wealth or exposure to liability.
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Our team at [Insurance Agency Name] will work closely with you to evaluate your specific needs and recommend the right umbrella coverage limit to ensure your assets and financial future are properly protected. We'll take the time to understand your situation and help you make an informed decision about the right level of coverage.
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Contact us today to learn more about personal umbrella insurance and how it can provide an essential layer of protection for you and your family.