Umbrella insurance policies exist to give the insured extra coverage when something catastrophic happens; things like a lawsuit brought against you that may exceed the limits on your personal car, homeowners or any other kind of insurance. Getting an umbrella policy will keep you covered from extra injuries, damages or property liabilities in the case of lawsuits and a great deal of other personal liability situations.
An umbrella policy has three advantages. It provides additional lawsuit coverage of $1 million or more. It provides added coverage for defense costs, which can easily amount to $100,000 or more. And finally, it provides liability coverage for some lawsuits not covered by your underlying auto or home insurance. Examples include if you're sued over an incident involving a boat you rented on vacation, a car you rented in Europe, or even your work on a nonprofit board of directors.
Everyone concerned about losing income or assets in one large lawsuit needs an umbrella policy. An umbrella insurance policy is the absolute best buy in the insurance business. It costs only about $150 to $200 for the first $1 million of coverage, then about $100 for each additional $1 million.
You can't control whom you might injure. If you injure, for example, the CEO of a large corporation, a professional baseball player or a doctor, you would owe for lost wages, medical bills, and pain and suffering. The lost wages alone for those types of people, if they can't work for 10 years, could start anywhere from $2 million to $3 million and run up to as much as 10 times that amount. Medical bills might be about $500,000. And then, there is compensation for pain and suffering.
You should get an umbrella insurance policy if you own your own home, if you have significant assets outside of your home and if you have a retirement or any other type of investment portfolio. These assets are vulnerable in the event of a lawsuit and should be protected to the greatest degree possible, a typical homeowners insurance policy will not protect them all the way, an umbrella policy will make sure you're covered from harm in the event of a catastrophe.
As you grow your wealth, through investments and property, protect yourself from financial ruin by getting insurance that will keep you from having all you've worked for taken away.
An umbrella policy has three advantages. It provides additional lawsuit coverage of $1 million or more. It provides added coverage for defense costs, which can easily amount to $100,000 or more. And finally, it provides liability coverage for some lawsuits not covered by your underlying auto or home insurance. Examples include if you're sued over an incident involving a boat you rented on vacation, a car you rented in Europe, or even your work on a nonprofit board of directors.
Everyone concerned about losing income or assets in one large lawsuit needs an umbrella policy. An umbrella insurance policy is the absolute best buy in the insurance business. It costs only about $150 to $200 for the first $1 million of coverage, then about $100 for each additional $1 million.
You can't control whom you might injure. If you injure, for example, the CEO of a large corporation, a professional baseball player or a doctor, you would owe for lost wages, medical bills, and pain and suffering. The lost wages alone for those types of people, if they can't work for 10 years, could start anywhere from $2 million to $3 million and run up to as much as 10 times that amount. Medical bills might be about $500,000. And then, there is compensation for pain and suffering.
You should get an umbrella insurance policy if you own your own home, if you have significant assets outside of your home and if you have a retirement or any other type of investment portfolio. These assets are vulnerable in the event of a lawsuit and should be protected to the greatest degree possible, a typical homeowners insurance policy will not protect them all the way, an umbrella policy will make sure you're covered from harm in the event of a catastrophe.
As you grow your wealth, through investments and property, protect yourself from financial ruin by getting insurance that will keep you from having all you've worked for taken away.
About the Author:
About the Author: Leigh Jackson is a writer for the Texas insurance industry. Jackson specializes in helping consumers find the best insurance policies on a budget including cheap Texas car insurance and no credit check car insurance policies.
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