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    Personal Insurance Blog

    Why do you need an Umbrella Policy?

    Posted by Gordon Atlantic Staff

    Fri, Jan 20, 2017 @ 11:22 AM

    ExcessliabilityandumbrellainsuranceAndrewGGordonInc.jpg The society we live in is very litigious, and the likelihood of getting involved in a lawsuit is higher than ever. Therefore, it is important to protect yourself against claims.  Umbrella Policies are meant to do just this.  

    Nobody plans on a claim, but you want to be sure that you have enough coverage to protect your assets.  A financial advisor can determine how much that might be.

    There are a few different policies that serve as protection in case of a claim. For your auto insurance, you can get Optional Bodily Injury limits which usually allows for $250,000 per person/$500,000 per accident.  For your homeowners or renters insurance, you can purchase a higher Liability limit (at least $500,000 although $1M is only slightly more).  These options are within your current policy.

    Above that, you can purchase an Umbrella policy for limits starting at $1M.  This policy offers you additional liability on your Auto & Home policies.  Most $1M Umbrellas can be purchased for $300 +/-  for a year.  The price goes up or down depending on what exposures you have.  If you have a home, a car, a boat or a snowmobile, an Umbrella Policy is worth looking into.  Although it seems like a law suit or a bad car accident could never happen to you, they can.  These policies are worth looking into.

    Call us for an account review or for a financial advisor recommendation.  It is our goal to find you a policy that has the perfect balance of good coverage and a good price to make sure you are protected right.

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    Tags: personal excess liability coverage, personal umbrella

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