With specific insurance policies for your home, car, boat, and more, it may not seem like it is very important to get an umbrella insurance policy. With most umbrella policies starting with $1,000,000 in coverage, it may seem like the only people who need to take out an umbrella plan are millionaires who have millions of dollars’ worth of property.
Umbrella insurance provides liability coverage beyond the standard policies. Although $1 million seems a little outrageous, it can save you from financial ruin in the event of a lawsuit. If you are sued, you could be responsible for paying for legal judgment for not only your current assets, but for your future earnings as well. It will also pay for defense costs in the event of a lawsuit, which can accumulate quickly, even if you win the case.
An umbrella policy provides protection from many incidents that people do not regularly think of, such as a person falling down your stairs and suing you for their injuries, or your balcony collapsing during a party and injuring many guests. Umbrella policies are also a good choice for people who have a trampoline or a pool, since they are not usually covered by a typical homeowners policy. They also cover incidents that occur while in a different country, or driving a rented vehicle, such as a boat or Jet Ski.
Umbrella policies will also cover you in a lawsuit for slander of defamation of a person’s character. If you are a regular volunteer member of a non-profit board, an umbrella policy can protect you from any decisions that you may have made while serving that were not favorable.
For more information about umbrella policies in the Mesa, Arizona area contact Hoey & Saks Insurance Agency. They can ensure that you have the best coverage to best fit your needs.