What is an Umbrella policy and why do I need one?

What is an Umbrella Policy?

An Umbrella Policy is an additional insurance policy with limits of protection, starting at $1,000,000.  These policies are designed to give the insured increased liability coverage above and beyond your personal auto, homeowner or business insurance policy. 

Liability insurance pays expenses such as the medical bills, rehabilitative therapy, and lost wages to other parties due to the negligence of the policyholder.

Why do I need one?

In today's litigious society, personal injury lawsuits can be very expensive. In addition to the expenses listed above, a judgment can also include special compensatory judgments for loss of consortium, pain and suffering and other intangible losses.

An umbrella policy provides you with an extra layer of protection, in case of a large lawsuit.  They are intended to protect your current assets and future earnings. Whether you are old or young, everyone should have an umbrella policy.

Umbrellas are fairly inexpensive considering the extra coverage you gain.  Most of our insurance company's umbrella policies range from $125 - $300 per year. 

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