Reviewing your insurance portfolio may reveal a potential vulnerability
Basic home and auto insurance protects assets and covers expenses for run-of-the-mill mishaps. Unfortunately, some tribulations lead to trials. Lawsuit horror stories, where plaintiffs proving negligence turn a car accident into a multi-million dollar judgment, should provide a cautionary tale to the rest of us.
One way to project yourself is with umbrella insurance. Umbrella insurance is a type of supplemental liability policy that shields assets and potential income beyond the limits of any basic insurance policy. The umbrella kicks in when the other policies run out. If you have $300,000 liability coverage on your car insurance and $500,000 liability on your homeowner policy, a $1,000,000 umbrella coverage would extend your protection to $1,300,000 and $1,500,000, respectively. Additionally, the umbrella liability coverage may further strengthen your protection by also covering situations excluded from the primary policy.
Even if you already have an umbrella policy, are you sure you have enough coverage? It has become very common for individuals to have $5,000,000 or $10,000,000 limits on their umbrella policies. Additionally, consideration needs to be given to uninsured motorist coverage since some umbrella policies don’t include this or include it at a lower limit.
We can have your insurance portfolio reviewed by one of the insurance experts that we work with. Please give us a call to discuss your situation.