Do you volunteer on a non-profit board? Do a lot of community service?
Own some nice toys - boats, motorcycles, ATV, RV, snowmobile, camper or Skidoo?
You might be at higher risk than the "average" consumer and need extra liability protection called an Umbrella Policy.
Umbrella Insurance is probably the least understood insurance coverage there is and the most mistaken what it is too. Consumer's believe that everything they own is covered under 1 umbrella policy, like it is a "one policy fits all" blanket coverage.
Actually, an umbrella insurance policy goes over everything you own, not replacing your underlying insurance policies (like most people think). It is NOT blanket protection including all you own but blanket protection OVER everything you own.
Umbrella insurance policies protect you and your family with an additional $1,000,000 of liability protection, over and above what you have on the underneath policies. You still need the underlying policies in place before any umbrella protection will kick in.
Today's consumer is being more and more susceptible to lawsuits from others who make a claim against you. The more you have to lose, the more you need umbrella insurance protection. With some plans starting at $10 a month, it is pretty inexpensive coverage to add with those who have a lot to protect.
The best way to buy an extra $1,000,000 of protection is with your current auto and home insurance company, as they will have a bundled rate, discounted because of the other 2 policies. But there are also insurance companies out there that have "stand alone" policies, that will go over your existing auto and home insurance.
Let's say you have an at-fault auto accident, where you injure the 2 parties in the other car. They see an attorney advertising on TV and decide to press you with a lawsuit for their pain and suffering (actually 2 lawsuits). Your auto policy will cover the initial $250,000 per person and $500,000 per accident coverage for the lawsuit (your need $250,000/$500,000 to qualify for an umbrella insurance policy).
Once those limits have been satisfied, then you $1,000,000 (or more) umbrella insurance limit would kick in and provide the additional liability coverage for your lawsuit. This coverage protects you and your family in the event you are found guilty of any amount over the $250,000 per person.
Be a smart insurance consumer, get proper insurance protection.
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