You don’t have to be a millionaire to be sued like one. Million-dollar judgments against individuals for negligence are still relatively rare. However, receiving a lawsuit with a million-dollar demand is more common. If you receive such a court summons and you have only $100,000 of coverage, you may lose a lot of sleep.
Umbrella policies offer inexpensive “peace of mind” for most types of negligence claims. Automobile accidents are probably the most common source of serious claims. This policy supplements your basic automobile liability with extra million-dollar layers of protection. It also covers other types of catastrophic claims such as a neighbor’s child drowning in your pool or the delivery man being seriously injured by falling over your child’s toys.
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Personal Umbrella Insurance FAQ’s
What is Personal Umbrella Insurance?
Read the paper lately? Lawsuits are on the rise, which is why you may need a Liability Umbrella Policy. Whether you’re independently wealthy or just out of college, you have substantial personal assets to protect. Wealthy individuals, perceived as having “deep pockets”, are particularly vulnerable to being sued. On the other hand, young professionals often will earn over a million dollars in their lifetime, an asset that also needs to be protected. An Umbrella Policy solves this problem – and protects you from financial disaster resulting from a lawsuit.
Whether it’s behind the wheel of your car, your dog biting a neighbor, or someone being injured at your cookout, an umbrella policy covers anything you say or do, whether you’re personally negligent or not. In addition, they cover you anywhere in the world. They usually start at about $125 per year, with coverage limits ranging from $1,000,000 to $5,000,000.