Is your umbrella policy large enough? Trial settlements and jury awards are skyrocketing, so this is a good time to review your umbrella policy limits, especially if you frequently maintain, have a pool, dogs, rental properties or teenage drivers in your household. the question is, "How high should I increase my umbrella limits?"
If you have significant assets to protect, your homeowners and car insurers may not offer the high limits you need.
Umbrella insurance, a type of excess liability protection, offers a solution. In addition to your car insurance and homeowners, you can buy umbrella insurance. If you are sued for an amount that exceeds the ceiling for your homeowners or car insurance companies, your umbrella coverage will hit. . For example:
- A guest is injured on your property.
- A child enters your property without your permission or knowledge and is injured.
- Your dog bites someone.
- You're causing a car crash.  You write a negative review and are accused of libel.
When a lawsuit occurs, it can cost millions of dollars. According to CBS, a Manhattan woman was sued for $ 1 million plus court costs after receiving a negative review by a local doctor, and according to the Journal Inquirer, dog owners agreed to pay $ 2 million after their dog attacked and killed an elderly woman.  Forbes says that more than 40 million lawsuits are filed each year. If you lose a lawsuit, you must disclose all of your assets, and you may end up losing your home, vehicles, savings, and other assets you have.
Individuals with high net worth may be sued for large sums because of their "deep pockets." The excess liability protection provided by umbrella insurance can help protect you against this risk.
Are you interested in protecting your assets against a million dollar lawsuit? Contact us to learn more about umbrella insurance or to review your existing coverage.