Baby Boomers are Protecting our Assets and Property with Umbrella Insurance which kicks in when the underlying limits on our home or auto policy have been exhausted, or if we are sued personally for something that neither your home nor our auto insurance covers.
Every day Baby Boomers are personally sued for various reasons and don't have the protection to protect our assets. This is where Umbrella Insurance comes in with additional protection for our assets with from 1 to 10 million dollars worth of excess coverage.
The amount of coverage you select really depends on how much you are worth. If you have 5 million dollars worth of personal assets, you should get 5 million dollars of Umbrella Insurance. It is not uncommon for someone to buy a 5 or 10 million dollar umbrella policy even if that number far exceeds their net worth, because the coverage is so cheap to buy.
Umbrella Insurance coverage is cheap. It is possible to obtain 1 million dollars worth of excess liability for as little as $120 dollars. The more property and assets we have, the higher the price for the insurance, but the cost is still low. In addition to our home and cars, liability associated with any other conveyances we may have, such as boats, motorcycles, and other recreational vehicles, may also qualify for coverage under the Umbrella Insurance.
Most insurance companies will not offer you the coverage unless we have both your home and auto already insured with them. Also, the insurer will require that we maintain a certain level of liability on the home and auto policies in order to qualify for the excess policy. Usually, we must maintain at least $250,000 of bodily injury liability per person, $500,000 per accident, and $100,000 for property damage for our autos, and $500,000 of liability for our home.
Umbrella Insurance covers us for all sorts of things that might have absolutely nothing to do with our cars or homes. Things such as personal injury protection are covered. This includes false arrest, false imprisonment, malicious prosecution, defamation, and invasion of privacy, wrongful entry, or eviction.
What if we you are involved in an auto accident where we hit into a pedestrian who was walking on the sidewalk. An Umbrella Insurance Policy would cover the resulting medical expenses when our auto insurance policy coverage is exhausted. It will also cover us if the pedestrian decides to sue us for negligence and seeks punitive damages. Umbrella Insurance is then utilized to cover our legal expenses and to pay any judgments levied against us.
Baby Boomers need to be aware of the importance of having Umbrella insurance. Without it, our personal assets are totally vulnerable in any lawsuit or legal action. Talk to your agent about it and ask how much it costs. Even though multi-million dollar lawsuits are not common, they can happen. So, an umbrella is probably worth it.
Shopping for Umbrella Insurance? Get more information here:
Geico Umbrella Insurance
Mercury Umbrella Insurance
Safeco Umbrella Insurance
Nationwide Business Insurance
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