In today’s world, no one is safe from lawsuits. For example, you can be sued to pay for damages or injuries if someone else gets injured in your house due to your negligence. Therefore, you need umbrella insurance coverage to protect your assets. So what is umbrella insurance, and do you need it? Let’s take a closer look.
What Is Umbrella Insurance?
Umbrella insurance is personal liability insurance that provides coverage for people with assets. It protects your assets from lawsuits that could force you to lose everything. In addition, umbrella insurance covers large claims that standard homeowners or auto insurance won’t cover. So instead of turning to your assets when held responsible for some damages, umbrella insurance protects you.
Who Needs Umbrella Insurance?
Every policyholder that wants to protect their assets from lawsuits should have one. Even if you only have one house, umbrella insurance can prevent you from losing it.
Those with more tangible assets are even at more risk because people often file lawsuits against those they regard as being wealthy. Therefore, it’s suggested that everybody should get umbrella insurance to protect all assets to prevent the possibility of asset takeover.
Whether your assets consist of costly jewelry, investment saving accounts, or real estate, you surely do not want it taken to pay for a judgment. By getting umbrella insurance, you are protecting your assets beyond the coverage provided by other insurance policies.
