Do You Need Umbrella Coverage?
Umbrella insurance provides an extra layer of protection beyond your standard auto, home, or renters insurance. It’s designed to kick in when the limits of your primary policies are reached, offering additional coverage for major claims such as accidents, lawsuits, or property damage. This extra coverage can help protect your assets and savings from unexpected legal fees, medical bills, or damages that could exceed your standard policy limits. Whether it’s a serious car accident, a slip-and-fall injury at your home, or a lawsuit, umbrella insurance offers peace of mind knowing you're covered in cases of catastrophic events that could otherwise leave you financially vulnerable.
Mr. Smith Story could save you from filing Bankruptcy!
Mr. Smith, a hardworking individual with a home, rental property, three vehicles, and a steady middle-class income, had what he thought was sufficient coverage—100/300/100 full coverage auto insurance. One day, while driving, he accidentally struck a motorcycle that he didn’t see in time to stop. The motorcyclist was seriously injured and airlifted to the hospital, with medical bills totaling $900,000. His auto insurance covered $100,000, but Mr. Smith was sued for the remaining $800,000. The lawsuit targeted his personal assets, excluding his home and first vehicle. If Mr. Smith had invested in a million-dollar umbrella policy, it would have cost him less than $600 per year and saved him $800,000 in potential damages. This is a powerful reminder of how important it is to have the right coverage to protect everything you’ve worked hard for.
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