Life is unpredictable. A guest falls on your property and is injured. Your dog bites the neighbor’s kid. You’re driving down a snowy road and end up in a multi-car crash. Accidents happen. Fortunately, you’ve got insurance.
What happens, though, if your insurance isn’t enough? Your policy may cover $300,000 of liability, but you’re being sued for $1 million in damages. How do you cover the remaining $700,000?
Most people don’t have that much cash laying around, and you don’t want to risk losing assets such as your home, or future wages. That’s why there’s umbrella insurance. Umbrella insurance is extra liability coverage designed to protect you from major claims and lawsuits. Here are a few things you should know:
An umbrella policy is not a stand-alone policy. You will need to meet certain requirements in order to purchase umbrella insurance.
Personal umbrella policies typically offer between $1 and $5 million in liability coverage.
A single umbrella policy typically covers all family members who reside in your household.
If you’re interested in learning more about how umbrella insurance can benefit you, contact The Reis Group today!