What exactly is a personal umbrella insurance policy?
A personal umbrella insurance policy is a type of insurance that provides additional liability coverage above and beyond the coverage you already have on your auto and homeowners insurance policy. this provides you with an extra layer of protection in the even that you need it. So, if your liability coverage isn't enough to cover the damages of an accident you cause or an incident on your property, a personal umbrella insurance policy kicks in. An umbrella policy can protect you when your automobile or homeowners insurance isn't enough.
Let's take a look at an example of where a personal umbrella insurance policy could save the day!
If you're at fault in a car accident that injures another driver, your regular automobile insurance will cover the other driver up to the limit you selected, say $250,000. But what happens if that limit is not enough to cover the other driver's needs?
If the other driver's injuries are severe, he may require benefits beyond the $250,000 your policy covers. In this case, he could sue you, which means your personal assets would be at stake. This could be a small amount, but imagine if that injured driver were a surgeon or another high paying professional. What if the accident you caused resulted in an injury that kept him from doing his job for six months? Suddenly, he's suing you for $1 million to cover the six months he's away from work.
Michigan personal umbrella insurance policies are inexpensive, but the value they provide is tremendous. Don't risk everything you have worked so hard for just to save a few bucks. If you are interested in an umbrella insurance quote be sure to let your agents know. We can work up a personalized quote for you in just a few minutes.
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