Personal Umbrella Insurance
Personal Umbrella Insurance Information
Policies such as auto, home, or boat insurance provide essential protection for life’s unpredictable events. However, these standard policies often have limits that may not fully cover substantial claims. Personal umbrella insurance adds an extra layer of financial security beyond your existing insurance policies. With this policy, your assets and future earnings may be financially protected from significant lawsuits and claims.
Why Do I Need a Personal Umbrella Policy?
A personal umbrella policy is essential for anyone with assets to protect, such as property, savings or investments. Accidents can happen at any time—a visitor could slip on your property, or you might cause a car accident that results in significant injury. If you’re found liable, your standard insurance might not cover the total cost of damages, medical bills or legal fees. In these instances, a personal umbrella policy may cover the difference.
How Often Is Personal Umbrella Insurance Used?
Personal umbrella insurance is often used when severe accidents or unexpected events occur, but fortunately, most people will never need to use it. However, when it is needed, it may save policyholders from financial ruin. High-net-worth individuals, landlords and people who frequently host guests or engage in activities with higher liability risk (such as boating) tend to use umbrella insurance more often. However, the coverage can benefit anyone looking to protect their assets.
How Much Does It Cost?
The cost of a personal umbrella policy is relatively low compared to the protection it may provide. Insurance companies typically consider these factors when determining your premium:
- Properties owned and other assets
Consult an insurance agent from Flagler Insurance Agency to help determine specific costs and the amount of coverage you need.
Contact Us
If you’re ready to enhance your coverage, contact Flagler Insurance Agency today. We’re happy to help you choose the right personal umbrella policy.
|