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Umbrella Insurance or Personal Catastrophe Liability or “Lawsuit Insurance” 101

What is Umbrella Insurance?

Umbrella insurance provides exactly the type of coverage that it sounds like it would; it provides an umbrella over the top of your other policies. Liability issues are more prevalent in this day and age than it has ever been. You never know what could cause a financially debilitating lawsuit. Umbrella insurance policies protect you from liability issues that go beyond the liability limits of standard insurance policies. Your homeowners and automobile policy have liability built into them, but it may not be enough if you are presented with a lawsuit as part of an accident.

What does Umbrella Insurance cover?

Most liability coverage that rests within your current insurance policies only covers bodily injury and property damage to others. Umbrella policies will extend those limits to not only provide additional coverage for bodily injury and property damage, but also to cover things that are not listed under regular liability coverages. Every policy is different, so what is considered a covered liability issue under one insurance limit may not be covered on another insurance limit. Umbrella insurance kicks in when these situations occur and/or when your regular insurance liability limit is exceeded.

Why should you purchase Umbrella Insurance?

You may not think you need an umbrella policy, but consider this: What happens to you and your family’s assets should you be sued for something that occurred at home or on the road and the legal costs of that lawsuit greatly outweigh the liability coverage limit? Is your family prepared to pay thousands or even hundreds of thousands of dollars? Umbrella insurance is typically purchased at a low cost to you, but will provide enough coverage to where you shouldn’t have to worry about liability costs in the future.

Steffey Insurance wants to protect you and your family from the crazy things that can happen in our lives. Contact us today for more information on umbrella policies and get a free online quote.

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