If you are responsible for an accident that causes severe injury or death, the one affected or their family can file civil action against you, which will lead to some significant financial outlays. If you do not have automobile liability coverage and are involved in an accident, you could be even more in danger of being sued. Another risk is a backyard swimming pool, as someone could be injured or even drown in it. That is why you may want to consider an umbrella coverage policy to cover you and your familys financial future.
An umbrella policy can cover your liability, including legal fees, if your liability insurance is exceeded. This coverage is above and beyond property damage and personal injury costs, including civil action and court costs, which will add up very quickly.
Advantages of Umbrella Coverage
A civil lawsuit, including the associated legal costs, court costs, and settlement amount, will not be covered by a typical insurance policy. If you do not have umbrella coverage, you could be left with nothing, including your property. Your entire investment portfolio, whether you own real estate, stocks, or just live in a single family home, needs to be protected and that is what an umbrella insurance policy is for.
Umbrella coverage is available in a variety of coverage amounts. Normally, it comes in increments of amounts of $500,000 to $1 million, or even up to $10 million. This coverage normally takes care of amounts above your liability coverage to help decrease your financial damage. The amount of coverage that you choose will be dependent upon your assets and needs, as well as your budget to cover the premiums.
The supplement of liability insurance can give you financial protection against people who may file a civil lawsuit against you. Libel, slander, and liability are all covered, which can lead to huge financial costs in legal fees, court costs, and settlement amounts. Cover your financial assets and your familys financial future by purchasing an umbrella insurance policy. The cost now can lead to huge benefits in the future.