Gateway Insurance

Importance of a Personal Umbrella Policy

Sep 19, 2014

It is easy to assume that you are covered from any situation with your already existing insurance policies, such as your auto insurance and homeowners insurance. However, these policies only have a limited amount of liability coverage that can easily be exceeded with one unfortunate event. Investing in a personal umbrella policy is the best way to ensure that you are covered in any situation. A personal umbrella insurance policy provides extra liability coverage after the liability for your auto and homeowners policy runs out. The policy only “kicks in” after all of the liability of your other insurance policies run out to make sure that you are not left financially devastated from one accident. A personal umbrella insurance policy will also provide coverage in situations that are not covered with your other insurance policies. This can include problems with libel, slander, and any unfortunate incidents that happen when you are out of the country. Typical personal umbrella insurance policies provide $1 million in coverage, and then increase in million dollar increments. While this may seem like more coverage than the typical person needs, chances are it is not. Consider if you caused a car accident on your way to work. If the other driver was injured, you would be held liable for their medical bills. They also have the option to take you to court to cover their lost wages while they recovered from their injuries. The cost to cover medical bills, court fees, and lost wages can easily reach $1 million. If you do not have a personal umbrella policy, you would be left paying out of pocket to cover the costs after your auto insurance liability runs out. Contact the insurance experts at Gateway Professional Insurance Services in Vacaville, California for all of your personal umbrella insurance needs.
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