The chances of losing a lawsuit for a sum exceeding the amount your insurance policy covers are often slim. However, if you ever find yourself in such a situation, you could end up losing most if not all of your savings. Umbrella insurance is a form of personal liability insurance that provides coverage for claims in excess of regular auto, watercraft or homeowners policy coverage.
Umbrella insurance is essentially a relatively low-cost way of getting extra liability coverage. Besides providing extra coverage for regular auto, watercraft or homeowners policies, umbrella insurance also covers additional liability claims, such as false imprisonment, libel and slander. If you own rental properties, our umbrella insurance can provide liability coverage beyond what any renter’s policy covers.
Why You Need Umbrella Insurance
- Medical Expenses
While you may be the most cautious, defensive driver on the road, we cannot assume the same of every other driver, no matter their driving credentials. Recent estimates by the Insurance Research Council suggest that one in seven drivers are uninsured. This estimate does not even factor in the shockingly huge number of people who carry their state’s minimum auto limits.At an age where many drivers increasingly treat auto insurance as a commodity, the risk of suffering an unbearable loss after an accident with an under-insured or uninsured driver continues to rise. If you or your loved ones are involved in an accident, our umbrella policy will cover your medical costs when your primary auto insurance limits become exhausted.
The world we live in is increasingly becoming plaintiff-friendly and litigious. If we were ever involved in an accident due to our mistakes, what would happen? Take a moment and reflect on all the legal commercials promising potential clients the chance to receive the biggest settlement possible from their accidents.The truth is that if you own assets worth several hundreds of thousandths, e.g., cars, retirement and houses, and have a decent income, the odds of your case will be quickly stacked against you. However, with our umbrella insurance, you will have all the liability protection you need to avoid unanticipated financial losses.
You Have a Significant Online Presence
Nowadays, something seemingly trivial as offending someone on social media could land you in legal trouble for libel, slander or defamation of character. If a large lawsuit is brought against you, the cost of defense alone could easily spiral into the tens of thousands. Having the right insurance provider by your side and hiring the best attorneys and claims adjusters is expensive, to say the least.
If found liable, the settlement for such a case could ruin your whole life in an instance. That said, our umbrella policy is designed to protect you from such outrageous settlements. You will not live the rest of your life digging yourself out of a legal disaster.
You Own Pets or Property
Most people understand that they are responsible for accidents that might happen on their property. Besides the occasional slip and fall liabilities, most property owners hardly contemplate or fail to acknowledge the hazards that their pets pose.
For instance, if your dog viciously attacks a passerby who was going for a jog, they may sue you to cover their pain and suffering, lost wages and medical costs. Similarly, if you own a horse and someone suffers a bad fall while taking it for a ride, they may sue you to cover the unanticipated costs. By carrying our umbrella insurance, you can protect yourself against the financial burden that comes with such lawsuits should they ever arise.
Where to Get Umbrella Insurance
Umbrella insurance essentially comes down to protecting your wealth, regardless of the amount. At GEC Insurance Services, our umbrella policy will shield you from personal liability and ensure that your existing assets and potential income remain secure. Get a quote today or contact our offices to learn more about umbrella insurance.