What is an Umbrella Policy?
A personal lines umbrella policy is an insurance policy with high liability limits designed to provide protection over other insurance policies like a homeowners or personal auto. A personal lines umbrella policy can provide coverage in excess of other policies limits, and in some cases if coverage is excluded on other policies the umbrella will “drop down” to cover the loss.
Who needs an Umbrella Policy?
Anyone who wants to protect their personal assets is a candidate for an umbrella policy. With the cost of lawsuits increasing, individuals need to protect their families as best as they can. An umbrella policy is perfect way to preserve your current assets as well as your future earnings so you can maintain your livelihood and lifestyle in the event you have a loss and are sued. Consider the following questions to determine if someone is a good candidate for an umbrella policy:
- Do you own a home?
- Do you own a car?
- Do you have children?
- Do your children drive?
- Do you own a dog or other animals?
- Do you own a boat or a jet ski?
- Do you own a motorcycle?
- Do you own a snowmobile?
- Do you own any recreational vehicles?
- Do you entertain guests at home?
- Do you provide alcohol to guests?
- Do you have a swimming pool?
- Do you have playground equipment?
- Do you have significant assets?
What is great about an Umbrella Policy?
Purchasing an umbrella policy has many advantages. It will provide worldwide coverage so you are protected if you ever leave the country. It also provides legal defense costs and personal injury protection.
Call Nulty Insurance and see how an Umbrella Policy can help protect your family at: 269.372.9200.
Information Courtesy: Auto Owners
Photo Credit: Samantha Wheeler