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.