A common myth is that the only folks that need “Umbrella Insurance” are the wealthy. Well, that is not the case anymore. Sure the average person may not need the millions of dollars of coverage, and yes, Personal Umbrella insurance is optional, but that doesn’t mean that you should not look into this type of coverage.
A personal umbrella can bridge a lot of gaps in your average insurance. Even if you are the most responsible driver in the world, that fact is that it is estimated that one out of seven of the other drivers on the road are not. What that really means is that personal umbrella coverage pays for their injuries from an accident caused by the owner or operator of an uninsured or under insured vehicle, and excess coverage from a personal umbrella pays after the primary auto policy’s limits are exhausted.
In the even you are involved in a contested auto accident and you and the other driver both believe the other is at fault, or lets say you have someone claim defamation because of a social media post you made, if your household has a reasonable amount of combined income you could easily become a target of a major lawsuit. A single judgment in that case could easily wipe our your entire savings with the cost of a defense attorney alone. You may not realize that all the things that you currently own, your motorcycle, boat, ATV, camper, that antique collection could all be gone because of an expensive court case finding. Having Personal Umbrella insurance can give you and your family the piece of mind that you are not at risk of losing all of these personal items.
If you have questions about whether or not you should look into Personal Umbrella please call us at: 651-739-9684.