Protect Your Family with an Umbrella Insurance

You may know a little about Umbrella Insurance policies. For example, you may know that they are designed to protect you from damage or lawsuits in which the court costs and/or awards exceed the limits of your home or auto policy. However, there are lots of ways an Umbrella Insurance policy can protect you. 

Your Pets 

If your dog gets out of your yard and damages someone’s property or worse, attacks someone, you’re generally covered in your homeowner’s policy. However, if the damage exceeds your policy limit, (the average amount is $100,000) an Umbrella policy will cover the remainder up to its limit. Considering the worst case, a dog attack, medical bills alone could be in excess of your home policy limits. 

Professional Liability

Your Umbrella policy can be structured to work with your professional liability insurance. For example, a doctor could supplement their malpractice insurance with umbrella insurance. A police officer can add extra protection against false arrest lawsuits, which are becoming more frequent. Umbrella Insurance can be used to increase professional liability protections and help you feel more comfortable doing your job, without worrying about frivolous lawsuits. 

Automobile Accidents

Auto Insurance limits are usually much lower than homeowners’ insurance. If you, or your teen driver cause a major car accident, it’s unlikely that your auto insurance policy can cover the full cost of the damages and court fees. Imagine your new driver causes a pileup that results in serious injury. An Umbrella policy protects you from the financial ruin that could come from lawsuits associated with that accident and keep your family afloat should the worst case scenario come to be. 

Umbrella Insurance is Affordable

Although the limits of an Umbrella Insurance policy are much higher than auto or home insurance, it is typically much more affordable than either policy. This is because an Umbrella Insurance policy only pays out when your auto or home insurance policy limit has been exhausted. The average $1 million umbrella policy costs between $150-$300 a year. For such a low cost, you can expect to save hundreds of thousands of dollars should lawsuits or court costs exceed your home or auto policy limits. 

Give us a call today so we can get your family protected!