Part of the series provided by Chalmers Insurance Group
The Importance of Insurance and How it Can Protect Your Finances
In the event that someone is injured on your property and you are found legally responsible, you could be faced with a costly financial burden. In fact, without a personal umbrella liability insurance policy, any expenses beyond the limits of your standard policy are your responsibility. This applies to your insurance policies including: homeowners, renters, automobile, watercraft and more.
Personal umbrella liability insurance typically provides an extra layer of protection over your personal assets for when your standard liability coverage is exhausted.
Engaging in everyday activities can put you at risk for a lawsuit. Simple things like having a swimming pool or entertaining guests in your home, having a young driver in house, all can increase the chance that someone will get injured and sue you. To minimize your financial risk, consider a personal umbrella liability policy.
Why is a personal umbrella liability policy important?
It works to fill the gaps in your coverage and provides the following benefits:
- When litigation ensues, it’s typically for a large amount. If you get into a car accident and injure several people, you could be sued for millions of dollars; well beyond the limits of your automobile policy. You can also be held responsible if your dog bites someone, if your child injures another kid in a fight or if a handyman hurts himself at your home.
- Umbrella policies cover your costly legal fees because the insurance company assumes the risk for you.
- Coverage is inexpensive and easy to obtain. Just give your Chalmers account manager a call to add it on to your current policy, 800-360-3000.
- You’ll have peace of mind knowing that you are covered in case of a fluke occurrence.
How much coverage do you need?
Take into consideration your total personal assets and your potential for personal risks when determining how much coverage you need.
A wide range of factors, such as whether you have hired help, if you have teen drivers at home or if you operate your business out of your home, will determine how much coverage is appropriate for your circumstances.
What are the policy limits?
A $1 million limit is typical and higher limits are available.
Contact Chalmers Insurance Group today to determine how much coverage is right for you 800-360-3000.