We live in a litigious society. Lawsuits are commonplace today and your assets are at risk. Protect yourself against Liability claims that can exceed the limits provided by your Personal Insurance policies.
Home and Auto Insurance policies are the primary policies covered by your Personal Umbrella, but you can also add coverage when you own Recreational Vehicles, Watercraft, a Seasonal Residences, to name a few of the additional exposures that can be covered by your Personal Umbrella policy.
The intent of the Personal Umbrella policy is to provide additional Liability coverage in the event of a Liability claim, such as your Auto Insurance, that ends up exceeding the limits provided within that policy. If the limits within the Auto policy are exhausted, your liability does not end simply because the Insurance company has exhausted the limit of liability provided within your automobile policy.
While it’s common to think that only persons that are older or have acquired more wealth should purchase Personal Umbrella coverage, remember that young adults that are new to the workforce have a lifetime of wage earning potential ahead of them and can be at risk, that earning potential needs to be protected by a Personal Umbrella.