Liability insurance is something we all need but hope we never have to use. Unfortunately, accidents happen. Trees fall on homes, fender benders damage vehicles, and thieves burglarize valuable possessions. It is in those moments that we are thankful for the quality home and auto coverage we have to help pick up the pieces and move on.
But what about the big stuff? What happens when a driver loses control of his vehicle and causes a major collision? What happens when a family pet unexpectedly attacks a neighbor’s child? What if you are sued for liability damages that are not covered under either of your primary policies at all? When losses turn into lawsuits, your primary coverage might not be enough.
Protect Your Family with Umbrella Insurance
Umbrella insurance is supplemental liability protection that extends and broadens the coverage you already have. It is purchased in addition to your auto, home, condo, or renters insurance and can provide versatile protection for a wide range of damages. Not to be mistaken with excess liability coverage, which simply extends the limits on your existing policies, umbrella insurance also provides coverage for other types of personal liability, including:
- False arrest
- Damages you cause while traveling abroad
Everyone is at risk of being sued at some point in their lives. It stands to reason that the more you have and own, the more you are at risk of losing. Even if you have not accumulated significant assets and savings, however, you could be in jeopardy of losing more than you think. When it comes to satisfying judgments, even your future income could be on the line. Why risk paying out hundreds of thousands of dollars in future wages when an umbrella policy offers an affordable and reliable way of protecting your future?
The Cost of Peace of Mind
With coverage amounts starting at $1 million, umbrella insurance might seem out of reach. Surprisingly, it is actually one of the most affordable types of coverage you can purchase. Often, umbrella insurance is available for as little as $200 per year or less for the first $1 million in coverage. Each additional million is typically more affordable than the first, making it one of the smallest investments you can make to protect quite literally everything you own and will own in the future.
There are certain requirements that most insurers impose on umbrella insurance policy-holders. Since the coverage is supplemental to primary coverage, most insurers require that you carry a minimum amount of liability on your auto and home insurance. Typically, this includes:
- $300,000 or $500,000 homeowners liability
- $250,000/$500,000 auto bodily injury liability OR
- $300,000 combined single limit (CSL)
Do you have umbrella insurance? If not, contact an agent here at Killey Insurance to find out more and request your free quotes. We can help you find the right amount of supplemental liability coverage to meet your needs and show you how to capture additional savings by purchasing your umbrella and home insurance from the same carrier. Call us today. We look forward to serving you soon.