Umbrella Insurance

Umbrella Insurance

When you purchase standard home or auto policies, you obtain liability coverage up to certain limits. In most policies, these limits are capped at $300,000 or $500,000. With increasing medical costs and an increasingly litigious society, adequate liability insurance is a must.
Most people never plan for medical costs or legal fees due to an at-fault accident, but it can happen to anyone at anytime. Being ready for it is one of the easiest things you can do.
What would happen if your dog were to bite a neighbor's child? What happens if there is an accident on one of your rental properties? Maybe there is a fire in your condo that spreads to other units. If any of these were to happen, there is a good chance that your standard limits on your homeowners' policy would not cover the damages which means that the fiscal responsibility falls on you, your hard earned savings, and maybe even your future earnings.

Personal Umbrella Policy = Peace of Mind

Businessman Holding An Umbrella

To really feel secure about protecting your assets and your future, you may need the extra level of protection provided by a personal umbrella liability insurance policy.

What's Peace of Mind Worth to You?

An umbrella policy provides additional layers of liability protection. If the liability limits are exhausted on your home insurance, auto insurance,  or other underlying insurance policy, your umbrella insurance policy takes over and provides you with additional protection. The cost is minimal compared to the comfort of knowing you're covered.

Do You Have Enough Liability Insurance?

Imagine if your dog were to bite a neighbor's child. Or if there's an accident on your rental property. Or a fire in your condo spreads to other units. What would happen if you or a family member missed a stop sign and struck and killed a pedestrian? If any of these things happened to you, there's a good chance your current liability limits wouldn't be adequate to protect your assets — or your future earnings.

Liability Insurance Starts When the Others Stop

Once the liability limits are exhausted on your home insurance, auto insurance or other policy, your umbrella policy takes over and provides a second layer of protection of at least $1,000,000. Higher limits may also be available.

Broad Coverages

An umbrella insurance policy also pays some claims not covered by your home, auto, or other underlying insurance. The policy covers not just you but your spouse and all family members living in your household anywhere in the world. Legal defense fees are also paid.
Given a few minutes of thought, it is not too hard to come up with countless scenarios where home or auto insurance might fall short of paying the consequences of an at-fault accident. In liability lawsuits, the judgments awarded frequently exceed the defendant's net worth. Personal Umbrella insurance is surprisingly affordable for additional peace of mind. Let A.O. Wing Insurance Agency help you determine your risk factors and decide the proper amount of coverage.

For more information, please email info@aowingins.com today.

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