One of the most unappreciated insurance coverages out there is the Umbrella Insurance Policy. In the litigious society we live in today, this policy can help your family out of a catastrophic situation.
What Is An Umbrella Insurance Policy?
The Umbrella Insurance Policy, at its core, was designed to serve as extra liability coverage beyond the amount you have on your Auto and Home Insurance policies (underlying policies). An Umbrella Insurance policy has the capability to serve as a safety net for your entire personal insurance portfolio, thus the name, umbrella. In addition to covering your main insurance policies such as auto and home, the umbrella can also extend the liability coverage to items such as your:
- All-Terrain Vehicle
- Second Home
- And More!
Note: Another unique feature about the Umbrella Insurance policy is in some cases, it can cover claims that may not be covered by your underlying insurance policies. Also, this policy has some global coverage, too, if you travel out of the country. If you would like to learn more about this policy, please contact Adam Johnston Insurance.
The Umbrella Insurance policy is generally inexpensive, and the liability coverage usually starts at $1,000,000. The premium cost of such a policy varies depending on what carrier you are with, and what state you live in. For the amount of premium these policies usually cost to secure $1,000,000 in coverage, the extra premium could be seen as a bargain compared to what could be brought against you in this world today.
Why You Need A Personal Umbrella Policy Right Now
Have you ever heard the saying, “there is no time like the present”? Well, that sentiment couldn’t be more true if you are on the fence about purchasing an Umbrella Policy for your family.
In the litigious society we live in today where everybody wants to be rich by any means necessary. It only takes one small fender bender, one person walking on your property and getting hurt, or your dog snipping at the next door neighbor’s ankles to have a hefty lawsuit brought up against you.
It Doesn’t Take Much To Get Sued These Days
Imagine slowing down to stop at a yellow light and just barely grazing the car’s bumper in front of you. As a good samaritan, you put your car in park, and go to check on the driver. Once you check on the driver, you see they are grabbing their neck, and holding their back and yelling out in agony. Again, as a good samaritan, and a good Auto Insurance policyholder, you call the police to file a report. The police get there, and check on the other driver. The other driver says they need an ambulance to go to the hospital for X Rays.
Feeling bad for the other driver, you ask them is there anything you can do. They say no. About one month later, you get a letter in the mail saying you have been summoned to appear in court for an auto accident from a month ago. This is not the situation you want to be in. Even if the judge reviews all the medical reports, reviews all the auto accident pictures, reads the police report, and throws the case out in your favor, you are not out of the woods. The costs associated with hiring an attorney, and court fees alone could be enough to turn someone’s finances completely upside down.
Adam Johnston Insurance agency on the Northside of Janesville, can help you with securing an Umbrella Insurance policy before a nightmare situation like this happens to you. We can help you explore how much Umbrella Insurance you need, and save you time by finding the best rates available for you and your situation. If you would like to learn more about Umbrella Insurance, please contact Adam Johnston Insurance today.