A personal umbrella policy, also known as an excess liability policy, provides additional liability coverage beyond the limits of your standard home and auto insurance policies. This type of policy is designed to protect your assets and financial well-being in case of a lawsuit resulting from a serious accident or incident. Here are a few reasons why everyone should consider carrying a personal umbrella policy:
It provides additional coverage. Personal umbrella policies typically provide coverage of $1 million or more, which can be an important safety net in case of a serious accident or incident that exceeds the limits of your standard home or auto insurance policy.
It protects your assets. Personal umbrella policies can help protect your assets, such as your home, savings, and investments, in case of a lawsuit. This is especially important if you have significant assets that you want to protect from creditors or plaintiffs in a lawsuit.
It covers additional types of incidents. Personal umbrella policies can also provide coverage for incidents that are not typically covered by standard home or auto insurance policies, such as libel, slander, and false arrest.
It's relatively inexpensive. Personal umbrella policies are typically very affordable and can provide a high level of coverage for a relatively low cost. The cost of a personal umbrella policy is often much less than the cost of the assets it protects.
It's widely available. Many insurance companies offer personal umbrella policies, so it's relatively easy to find a policy that meets your needs and budget.
In conclusion, a personal umbrella policy is a valuable addition to any insurance portfolio. It provides additional coverage, protects your assets, covers a wide range of incidents, and is relatively inexpensive. Everyone should consider carrying a personal umbrella policy to protect themselves and their assets in case of a serious accident or incident.
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