Do I need umbrella coverage?
You have auto and property insurance coverage to provide protection if you are liable for accident injuries or property damage. But if the unexpected happens – for example, a serious car accident or an accident on your property that results in a large judgment against you – your current policy limits may not be enough. If a claim settlement is larger than your policy limits, you are responsible for paying the rest out of pocket.
In today’s society where medical expenses are high, vehicles cost much more than they used to, and lawsuits are frequent, everyone is vulnerable. Are you covered for a liability judgment that could result from:
- Inexperienced teenage drivers?
- Swimming pools?
- Cracked sidewalks?
Any of these incidents could end up in a lawsuit for hundreds of thousands – or even millions – in damages. If it’s determined that you are responsible for covering others’ medical bills, property damage and even possible lost wages, you could be facing large financial obligations.