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By clicking the button above, I hereby consent to receive marketing communications via autodialed and/or pre-recorded calls, text messages/picture text messages, and/or emails from the agents of one or more of our marketing partners at the phone number provided above, including wireless numbers, if applicable, even if I have previously registered the provided number on the Do Not Call Registry. I understand that consent is not a condition to receive quotes. To receive quotes without providing consent, please call 1-855-210-8720. Carrier data rates may apply.
An umbrella policy is a kind of liability policy which supplements your other liability policies such as your home, auto, or renters’ insurance policy. It covers a higher limit that goes above and beyond claims directly related to your vehicle and home.
The reason why people choose to get an umbrella policy is so that they can protect their assets from unpredictable events, for instance, being involved in a fatal accident where you are held responsible for damages and injuries sustained on other parties. An umbrella policy gives vehicle owners additional liability protection in case claims are made against them or they get sued after an at-fault accident. If a person sues you, the umbrella policy pays for any damages you are responsible for up to the policy limit.
As long as you are behind the wheel of a vehicle, there is always a chance that you will cause an accident. It takes just one second to cause an accident and since no one is perfect, it can happen to anyone. However, some people are more at risk of causing an accident than others. In such a case, you should set your limit high.
If you cause an accident, you must pay for the damages if you don’t have an umbrella policy. If you don’t have cash, they will come for your assets. This includes your home, possessions, retirement funds, bonds, stocks, and savings. If you own a lot of assets that you need to protect, set a higher limit.
Liability lawsuits can end up costing you both current and future assets. Even though you may not own much now, you probably will in future and you need to protect that too.
Your property is at risk if you are sued for a large amount of money that your liability insurance can’t fully cover. In such a case, your assets are exposed and can be used to pay for damages. Getting an umbrella policy gives you extra coverage above your auto policy limits to protect your assets from being used to pay for damages.
As lawsuits keep getting more popular by the day, lawyers are awarding higher amounts of cash than ever before. You never know when you’ll get sued or need a lawyer. Luckily, with an umbrella policy, you don’t need to worry about legal fees.
You may not own a single thing art from your car, but chances are you will own property in future. When you cause an accident, the court can still force you to pay for damages using future earnings or assets. With an umbrella policy, you can avoid all this.
The premiums for your umbrella policy might be tax deductible if you own a business and have an umbrella policy as a supplement to your other liability policies.