Personal Umbrella Insurance

We live in a litigious society, where more and more lawsuits are filed every year. The judgments follow suit; plaintiffs today are awarded larger, record-setting settlements that can leave the other party penniless. And while you can’t predict your involvement in a lawsuit one day, you can prepare – and protect your assets – with a personal umbrella insurance policy.

When liability limits are insufficient, a personal umbrella insurance (or excess liability insurance) policy adds an extra layer of protection in the event of a lawsuit. This type of policy goes beyond your standard automobile, homeowners, motorcycle or watercraft insurance policies – and helps ensure financial security if you are found liable for someone’s injuries or damages. Personal umbrella insurance protection can make a huge difference for you and your family, as these settlements can often creep into the $1 million (or more) range.

Umbrella insurance protects your assets in the event of a lawsuit. Anytime an injury occurs on your property, you could be held liable – even when you aren’t home. Let’s look at a real-life example: a group of high school students was partying one night when they decided to jump the neighbor’s fence and use their swimming pool. Impaired by alcohol, one of the boys dove into the pool and broke his neck. Although the owners of the pool were not present, their homeowners insurance policy paid the limit of $250,000 – and their personal umbrella insurance paid the full $1 million.

The short answer? Everyone could benefit from personal umbrella insurance. As depicted in the example above, lawsuits can affect even innocent bystanders. Umbrella insurance helps protect your hard-earned assets. Certain exposures – such as swimming pools, trampolines or inexperienced drivers – make a compelling case to add a personal umbrella insurance policy. With Acentria Insurance, this coverage can often be added for a reasonable price.

Many variables are factored into your personal umbrella insurance policy. Do you own a boat or motorcycle? Do you frequently host pool parties at your home? Do you live with a teenager who just obtained a driver’s license? At Acentria, we take all relevant factors into account when we draft an umbrella insurance policy, working to keep your costs as low as possible – while maintaining optimal coverage. Contact us today for a complimentary quote.

No. Business umbrella insurance policies are specifically designed to protect your business, rather than your personal assets. If you own a business, you will need to bundle your personal and business umbrella insurance policies for optimal coverage.

Take the Next Step

You can’t predict accidents – and you certainly can’t predict your involvement in a lawsuit. But you can prepare for the unexpected through Acentria’s personal umbrella insurance policies. Let us help you safeguard your assets – and your financial future, too.

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