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If you have a paycheck, then you should also have umbrella insurance. Yes. It is that simple. In our litigious society – where approximately 15 million civil lawsuits are filed annually – an umbrella policy kicks in where your homeowners and auto polices leave off, providing you with extra protection and peace of mind should the unexpected happen and a claim or lawsuit be filed against you.
If you are sued, an umbrella policy will help cover defense costs as well as the settlement, safeguarding your current and future assets.
"Many people think… I'm not wealthy enough to need an umbrella policy. But it is important that consumers consider all of their assets, including current and future wages, retirement savings, business income and college funds. If you are sued and do not have umbrella protection, in most states, these assets are all at risk." - Daniel Halsey, president of The Hanover's personal insurance division
How umbrella policies work
If your homeowners insurance has a liability limit of $300,000, you may add an umbrella policy with an additional $1 million of coverage. That would give you a total of $1.3 million dollars of protection should someone be injured at your home. Similarly, an umbrella builds on the liability coverage your auto policy provides. If you are sued, your home or auto policy kicks in first and your umbrella policy covers the excess.
Home + auto + umbrella = total protection
For illustration purposes, here's an at-a-glance comparison of how auto, home and umbrella insurance can work together to protect you – and how adding an umbrella to your coverage can best safeguard you and your family.
You can't afford not to have umbrella coverage
With policies of $1 million of coverage starting at as little as $20 a month, financial experts agree that an umbrella policy offers the best value for the dollars you spend on insurance to protect your family and assets. Additionally, raising the deductible on your homeowners policy from $500 to $1000 typically reduces your homeowners premium enough to cover the cost of a $1 million umbrella policy.
Disclaimer: This article is provided for informational purposes only and does not provide any coverage. It does not purport to address every possible legal obligation, hazard, code violation, loss potential or exception to good practice.
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