If you are at risk of being sued, you should have an umbrella insurance policy. An umbrella policy is an extension of liability, or in other words, it helps protect you in the event of a large liability claim or judgment. Umbrella insurance policies are sold in increments of $1million. Umbrella insurance policies cover you over and above what your other insurance policies cover for liability.
Example: If you have an auto insurance policy that offers liability coverage of $250,000, your $1million personal umbrella insurance policy would provide additional liability. Only after the limits of the underlying policy ie: auto policy, home policy, etc have been exhausted does the umbrella policy kick in.
An umbrella insurance policy allows you a measure of financial protection to help you protect the nest egg you are saving for your family. We purchase insurance to protect us from unexpected loss. It's a form of financial protection to help make us whole again after a loss. So an umbrella insurance policy should be given consideration with the same purpose in mind. It's protection for your lifestyle.
If you own rental properties, have teenage drivers in the family, or have savings you need to protect, an umbrella insurance policy would make sense for you. Umbrella insurance policies are fairly inexpensive in comparison to the cost of your other insurance policies, but the protection they offer may be invaluable.
The benefits of a personal umbrella insurance policy include:
There are some exclusions to a personal umbrella insurance policy. One is your business. If you own a business, your personal umbrella insurance policy will not provide an extension of coverage to your business general liability policy. You would need to purchase a separate business umbrella insurance policy to provide protection to your business.
It is important to keep your umbrella insurance policy up-to-date. If you buy a new ATV, boat, buy/sell vehicles, homes, add a pool, etc, it is important to make these changes to your umbrella insurance policy as well. If you do not make the changes, you could unintentionally leave yourself exposed to a claim without adequate coverage.
Call Fulshear Insurance® Group for your free quote today. We will assist you in determining the amount of coverage you need, and we can put a policy in place right away. 281.533.9067. Remember, a personal umbrella insurance policy isn't just for the wealthy, it's for everyone!