How Much Coverage is Enough to Keep You Out of the Rain?

A question we often hear is “What exactly is an umbrella policy and why do I need one?”

An umbrella policy provides financial protection beyond what your auto or homeowners policy includes – from one to ten million dollars – and may help safeguard your assets if you are held liable in certain situations, such as:

-an injury on your property

-an injury involving your auto or recreational vehicles (boat, golf cart, etc.)

-libel, slander, defamation of character or invasion of privacy

 

Consider this:  A 2010 study conducted by a national insurance carrier showed that 85% of recent umbrella claims are the result of routine auto-related accidents, including failure to yield (52%), loss of control (14%) and rear-enders (11%).

 

Accidently veering into another lane on the highway could cause a multiple car pileup with damages that surpass your auto limits.   If you are found liable for $150,000 in property damages and another $500,000 in bodily injury damages, will your auto liability limits be enough to cover the exposure?  The answer is most likely yes if you have a $1 million umbrella policy.  The umbrella policy would help you compensate all the other drivers and injured parties without draining your own assets and/or retirement accounts.

 

This important protection is relatively inexpensive.  Please give The Turner Agency a call at 288-9513 or click the “Contact us” button to send us an email for more information about this valuable protection. 

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