Consumers often find themselves in difficult situations when major accidents occur and they don’t have enough insurance to cover all the damages. These types of accidents can cause major financial problems for those without the proper insurance coverage. The only way to protect yourself financially from future accidents is to purchase personal liability umbrella insurance.
What is Personal Liability Umbrella Insurance?
Personal liability umbrella insurance is used to compliment normal insurance policies in areas where they fall short. Consumers normally use them to extend financial coverage or to cover assets that aren’t included in other types of policies.
Umbrella insurance policies often provide an additional one million dollars in coverage for a number of different assets and situations. Certain liabilities are also covered under umbrella policies that aren’t included in normal policies, such as pollution liability. This is especially useful for individuals who need an umbrella insurance policy for both their automobiles and homes.
Why Do You Need Personal Liability Umbrella Insurance?
Personal liability umbrella insurance policies come in handy during accidents that may cost you tens of thousands of dollars. Once your insurance policy financial coverage is maxed out, you will be financially responsible for the balanced owed on the lawsuit.
Some examples of the types of liability umbrella insurance policies that are available include property damage liability, bodily injury liability and rental until liability. Individuals who are worried that their current insurance policies won’t cover excess financial damages should purchase personal liability umbrella insurance to protect themselves against future lawsuits. An umbrella policy is also good for protection against false arrest, libel, slander and mental anguish.
Having the right insurance coverage and enough to cover you and your family is very important. If you’re involved in a major accident and don’t have enough insurance to cover what is needed, you could end up paying tens of thousands of dollars out of your own pocket. Call your local insurance agent to see if personal liability umbrella insurance is right for you.