Getting Umbrella Insurance

In this day and age lawsuits are rampant. Large amounts of money are being awarded for lawsuits. Most insurance policies, such as homeowner’s insurance, auto insurance, as well as watercraft insurance, have liability insurance caps. So if one should go through the grave misfortune of causing an accident and not have enough on said policies to cover the cost of possible negligence then what? There’s no way to predict how much a judge might award the injured in that accident, if one’s insurance policy liability coverage isn’t enough, then umbrella insurance could cover the remainder. Most can no longer afford not to have such coverage, and you don’t have to have huge assets to protect in order to need this, you can just be an average insured. There are several umbrella insurance companies out there, you can start with your current insurance company, but several insurance companies offer it, such as 21st Century Insurance, AARP Insurance, Travelers and even Geico, just to name a few.

umbrella insurance companies

This type of added coverage is designed to give added liability coverage beyond the limits available on homeowners’ insurance, auto, or watercraft insurance. With umbrella insurance, depending of course on your insurance company, one can add millions in liability protection. This added layer of protection kicks in after regular liability insurance limits are exhausted on those mentioned insurance policies. This offers one extra layer of security for the insured by those umbrella insurance companies. The liability insurance part of a homeowners’ and such policies pays for expenses such as the injured party’s medical expenses, possible rehab cost, and even lost wages due to their injuries caused by the insured’s negligence. This coverage even covers legal defense representation if the negligence lands the at fault (insured) in a court of law. With that said, if one added up all the cost of the medical expenses for the injured, lost wages for injured, and the legal representation fees of the at fault individual, one would quickly conclude that standard liability insurance offered on regular insurance policies is very often not enough coverage.

Most states have financial responsibility laws that will hold drivers liable for bodily injury and even property damage resulting from incidents such as an auto accident, furthermore, the at fault driver could be also be sued additional damages. Personal assets could be seized to settle such a lawsuit. The logical solution is to obtain personal umbrella insurance coverage from one of those umbrella insurance companies, the cost for an umbrella insurance policy is reasonable especially compared to security and coverage added. Liability coverage even covers one’s non-work related activity anywhere. Obtaining and having this added layer of protection is something no one, even average individuals should never go without, so that one could rest assured that any assets they do have, such as their home, savings, liquids assets etc. could be protected in case one should be so unlucky as to have caused or be at fault in an accident that should cause injury to someone else. Such coverage is inexpensive security.