Umbrella
When the unexpected occurs and you need extra protection, umbrella insurance is there for you. Umbrella insurance is liability coverage you purchase in addition to your existing home and auto insurance policies to cover damages that extend beyond the limits of your other plans.
Also known as a personal umbrella policy, umbrella insurance “covers” you and your family members living in your household in the event of lawsuits, injuries, property damage, and some personal liability circumstances. Umbrella insurance is usually offered in million-dollar intervals, starting at $1 million.
If you face a lawsuit or a judgement, your umbrella policy could cover any financial responsibility beyond your other policies limits, as well as your legal expenses. It can address property damage, personal injury, and injury to third parties, as well as claims against landlords. An umbrella policy could save you hefty personal, out-of-pocket expenses.
Here are some possible scenarios:
- Your spouse is at fault in a car accident, and the other driver sustains injuries that exceed your auto insurance coverage. In this case, your umbrella policy may pay the additional expenses.
- At a pool party in your backyard, a guest is injured and sues you for damages. If the amount exceeds than your homeowners’ coverage, your umbrella policy may cover the difference.
- After a bad experience at a local business, you post a negative review online. If the business owner sues you for libel or slander, your umbrella policy may cover any awarded damages and your legal fees.
Umbrella insurance offers policy holders peace of mind and financial security. To determine if a personal umbrella policy is right for you and how much coverage you need, contact your Waterton Insurance representative.