When choosing an automobile or homeowner policy, there are many decisions that you have to make. One of these decisions often include the option of a personal umbrella policy. But what is this type of policy and how can it protect your family and your assets?
What an Umbrella Policy Is
A personal umbrella insurance policy is a way to have additional coverage beyond your automobile or insurance policies. This way, if an incident exceeds your liability coverage, you still have protection.
What an Umbrella Policy Does
The main reason to have a personal umbrella insurance policy is to help limit out of pocket costs that result from a car accident or incident on your property.
If you are involved in a car accident where you are at fault the damages may exceed your liability coverage. Sometimes severe accidents can result in millions of dollars’ worth of damage. If your policy only covers $250,000 in damages, you will need to find a way to cover the additional costs.
This is where you would be able to utilize your umbrella policy. Most umbrella policies are between $1-$5 million dollars and can help cover attorney costs, lost wages and other costs that may result from the accident.
A personal umbrella policy can help prevent you from having to file bankruptcy as the result of an automobile accident or accident that occurs at your home. Contact the experts at Leverity Insurance Solutions today to learn how a personal umbrella policy may help protect your family.