What is a Personal Umbrella Policy?

UMBRELLAOne of the best investments you can make to protect against catastrophic financial loss is in a Personal Umbrella Policy. But what is a Personal Umbrella Policy & who needs it?.

In a recent article, we asked the question, “Is state minimum coverage enough“? We explored a scenario where a simple accident left an insured driver liable for over $100,000 in unpaid damages even though the insurance company paid 100% of the damages they were required to pay. This can happen to ANYONE and YES, we have clients who have experienced this type of loss.

Protection against excessive liability is what a Personal Umbrella Policy offers. In our aforementioned article, the driver, although insured is personally liable for the damages from their accident. Once their insurance company has paid their portion, the driver can be sued in court to recover damages. If the liable driver owns any property, they may find themselves with judgments against them and could lose their property or even future earnings to cover their liability. With a Personal Umbrella Policy, you are protected from excessive liability for any loss that might be covered by your home or auto insurance policies.

At a total cost typically less than $100 per million$ in coverage, a Personal Umbrella Policy is one of the best bargains in insurance.

There are a few requirements to obtaining a Personal Umbrella Policy that we can go over with you. Give us a call today to discuss the best options for you. 828-966-4413

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