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Personal umbrella insurance is an additional policy that covers liability claims in excess of the limits in a homeowner or auto insurance policy. It provides an extra layer of protection against financial losses should someone file a lawsuit against you, or you cause an accident that results in damages that exceed your primary insurance limits.
This type of insurance differs from other personal insurance policies as it can be used to supplement either homeowners or auto insurance, as well as any other personal liability policy you may have. Personal umbrella insurance isn’t a standalone product — rather, it is designed to be carried in conjunction with other personal insurance policies.
Finally, it’s worth noting that personal umbrella insurance can be a very cost-effective way to increase your liability coverage and protect yourself against unforeseen financial risks which should be considered as an essential part of your personal insurance portfolio.
Personal umbrella insurance is an additional layer of liability coverage that can protect individuals from financial loss in the event of a lawsuit. It is typically recommended for individuals with significant assets or those who are at higher risk of being sued, such as business owners or landlords. Umbrella insurance can provide extended coverage for a range of incidents, including bodily injury, property damage, and personal injury caused by accidents or negligence.
This coverage can also extend to incidents that occur outside of the policyholder’s home or vehicle, such as incidents that occur while traveling or participating in certain activities. In summary, personal umbrella insurance is important for those who want to protect their assets and financial security from unexpected lawsuits that could potentially exceed their existing liability coverage.
When determining the appropriate amount of personal umbrella insurance coverage for you and your family, several factors come into play. First and foremost, consider your assets and net worth as these determine the amount of coverage you need. You should also take into account your occupation, lifestyle and exposure to risks, as well as any potential for lawsuits.
Talk to a KIG insurance agent or financial advisor for guidance on calculating your specific coverage needs. To get a policy, first, you’ll need a base insurance policy, such as homeowners or auto insurance, with liability coverage. From there, you can contact insurance companies to purchase additional umbrella coverage. Read through policy terms and coverage details carefully to ensure you understand how much protection you have and under what circumstances.
Give the team at Kocman Insurance Group a call at 717-854-0300 and we will be glad to answer any of your questions or concerns.