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Umbrella Insurance Policies – What are they?

An umbrella insurance policy is a type of personal insurance coverage that can add extra liability coverage over and above the limits of another existing policy, such as auto or homeowners insurance.

Umbrella insurance can help protect you from a large and potentially devastating liability judgment.  Personal umbrella coverage is triggered when your underlying liability limits (such as from an auto or homeowners policy) have been reached.

Umbrella policies are often triggered in auto accident cases where the at fault driver’s existing auto policy limits are not enough to cover the injuries.  If, for example, your auto policy limit is $100,000 and you are at fault in an auto accident that seriously injures the other driver, the cost of medical care and treatment for the other driver’s injuries can easily and quickly exceed $100,000.  You would still be legally liable for damages to the other driver in excess of your $100,000 policy limits.  If the other driver sues you, your personal assets could be at stake.

A personal umbrella policy can help cover the additional liability exposure you could face when your auto or homeowners insurance policy isn’t enough. This extra policy could help protect your bank account, earnings and personal property.  In most cases, personal umbrella policies are available in million-dollar increments, from $1 to $5 million, and the premiums are relatively affordable.  While an umbrella policy is not required, it may offer increased protection in the unfortunate event of an accident.


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