If you own a home or a car or even a dog, you could be at risk of losing your savings, assets, and future income. Unexpected accidents happen all the time and while many aren’t catastrophic in nature, others are, and you need to protect yourself and your assets. Imagine causing an auto accident that results in disastrous injuries to the other driver. Your automobile insurance limits of liability are $300,000 per person for injuries sustained due to your negligence. That may sound like enough; however, it will not even touch the astronomical hospital expenses, not to mention the legal costs you may be faced with. What will you do when your liability insurance protection isn’t enough?
There is an Umbrella Available to Protect Your Assets
The good news is that while your liability insurance limits may be inadequate to cover all the expenses for which you are liable, there are options. A personal umbrella insurance policy is designed to provide extra (excess) coverage above and beyond the primary limits of liability.
Consider the above auto accident. If you have an umbrella policy in place, the bodily injury limits of $300,000 (under the auto insurance policy) are exhausted and then the excess coverage (umbrella policy) would kick in to cover the remaining settlement. Assume you are found guilty, and the judgement is ruled at $1 million dollars. Your auto liability policy covers $300,000 and the umbrella covers the remaining $700,000.
Now, imagine NOT having an umbrella! This means you are responsible for the remaining $700,000 and are now putting your house, assets, savings, and future earnings at risk. Remember that catastrophic accidents do happen, and you need to prepare for when they do by having the right insurance protection.
Other Umbrella Coverage Options to Consider
- False Arrest
- Defense Costs
- Privacy Rights
- False Imprisonment
- Wrongful Detention
When Your Liability Insurance Isn’t Enough, Grab an Umbrella!
This added layer of protection can be set in place by contacting us at Cameron Insurance Group. We understand that sometimes your auto, homeowners, or boat policies may be inadequate to cover costs/ judgments when the unthinkable happens. For a nominal fee, you can get personal umbrella protection so you, your family, home, assets, savings, and future earnings are protected. You can bet your bottom dollar it’s worth it for the peace of mind and security knowing you are protected. Call us today with any questions you may have concerning an umbrella policy at 845-627-2130.