Daily life can be full of uncertainty. Accidents happen and things can go wrong in an instant. The entire purpose of insurance is to make you feel safe if and when something unexpected happens.
For example, let’s say your auto insurance policy has $250,000 in liability coverage. Let’s also say you are in an at fault accident where an individual has suffered injuries. Medical expenses can quickly grow so you need to think about a few things. First, compensation for pain and suffering. Second, loss of earnings and future care. Third, you may find your liability limits aren’t enough for the damages caused. Finally, if a lawsuit will be filed. The jury could award the injured parties more than your policy limits. This means your savings and and finances could be at risk.
No one wants to find themselves in this situation. But how do you prepare for it? Umbrella insurance can provide the coverage needed for these losses.
What is Umbrella Insurance?
While you may not think twice about buying homeowners insurance or auto insurance, the liability limits provided may not be sufficient to protect your assets.
That’s where umbrella insurance comes in. An umbrella policy provides $1 million to $5 million in additional liability coverage. While the coverage is optional, it may protect you in the instance of an unfortunate accident.
What other scenarios would an Umbrella policy cover?
- Your dog accidentally injures your neighbor’s child.
- Your mail carrier trips over a crack in your driveway, resulting in injury and disability.
- An overgrown tree in your yard crashes through your neighbor’s roof.
When does an Umbrella policy activate?
Umbrella Insurance activates when damages from a covered claim exceed the limits in the underlying policy. Everything from a lawsuit resulting from your dog biting the mailman to critical care for a driver you injure in an auto accident who is hospitalized for months.
Don’t sacrifice peace of mind and protection over the possibility of a split-second accident that could result in a lifetime of financial stress. Call your agent today about adding Umbrella Insurance coverage to your policy.
You can receive a free quote here on our website. Also, don’t hesitate to call us at (805) 480-2616 or email us at service@etrustedadvisor.com. We are available to discuss your insurance needs.