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Why need umbrella insurance?
Umbrella insurance is a form of coverage which supplements all other policies.
The core objective of this policy is to safeguard your personal assets from any unforeseen event including a tragic accident caused by you.
Umbrella insurance is considered one of the best ways to cover liabilities which may be unusually large and exceed base policy limits.
Coverage by Umbrella Insurance Policy
By excess liability, we mean the coverage from one to five million dollars can be provided by the insurance company.
Legal defense cost for a covered loss such as lawyer fees and associated court costs.
Compensation against non-business associated with personal injury liabilities including libel, slander, false arrest or a wrongful eviction.
Coverage for claims by others regarding personal injury, property damage, members of your family or dangers on your property.
Cost of an Umbrella Policy
The coverage for the umbrella policy generally starts from $150 to $200 for a $1 million policy.
Your coverage depends upon the premium amount. The premium amount increases if you decide to increase your coverage.
But, increasing the policy limit to $2 million and getting twice the amount of coverage will not double your cost of premium.
Significance of Umbrella Policy
Your house, car, retirement accounts, investments as well as your normal savings and checking accounts along with your future income are considered valuable assets.
If you get sued for a large amount of money and you do not have sufficient liability insurance or an umbrella policy for compensation, then all your assets will be exposed.
Where Can I Get a Policy?
You can buy umbrella insurance coverage from various insurance companies and agents around you.
But one of the best ways for getting umbrella coverage is through an independent and credible agent or independent broker.
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