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Umbrella insurance is another liability insurance. This type of insurance policy helps to protect you from significant claims and lawsuits. It also helps protect your assets and your future. It does this in two ways:
It offers extra liability coverage above the limits of your homeowners, auto, and boat insurance policies.
Provides coverage for claims that do not include by other liability policies.
What Does Personal Umbrella Insurance Cover?
Umbrella insurance gives coverage for:
Damage to property
Personal liability situations
These types of coverages provided by an umbrella policy and how they protect you:
Bodily Injury Liability
Bodily Injury Liability covers the cost of damages to another person. The examples include the cost of medical bills and/ or liability claims. It can be Injuries to other parties where you are at fault.
Property Damage Liability
It covers the cost of damage or loss to another person’s tangible property. For example, it includes the cost associated with the damage to vehicles and other property where you are at fault.
Owners of Rental Units
It helps protect against liability that you may face as a property owner. The examples include the cost of liability claims such as someone tripping over a crack in the sidewalk of rental property and suing you for damages.
Who Should Consider Umbrella Insurance
The umbrella insurance is to protect your assets from a lawsuit. The umbrella insurance policy if your net worth is at least $1 million – the smallest amount covered by most umbrella policies. Some insurers use a broader standard: They say umbrella insurance is a worthy investment for anyone who has more in assets than they have in liability coverage from auto insurance and homeowner’s insurance.