Monday, April 27, 2015

Umbrella Insurance: Coverage for the Uncovered

If there’s one lesson that life teaches, it’s that anything can happen and to expect the unexpected. As people, we try to plan for everything under the sun; that’s what having insurance coverage is all  
about. Unfortunately, however, try as we might, things can still happen that aren’t typically covered by standard auto, home, and other policies- or that aren’t covered enough. A neighborhood child could get injured jumping on the family trampoline or a friend who you let drive your car might have a a serious accident in it. When these types of things happen, you do have a way to protect yourself: umbrella insurance.

Even though umbrella coverage is very necessary and stands the chance of being very helpful, a lot of people just don’t have it. Consumer Reports states that only around 10 percent of homeowners had umbrella coverage as of 2013. Though this type of coverage is often overlooked or deemed frivolus, it’s absolutely necessary for anyone with assets, such as home equity or a sizable income.

If you happen to get sued, and your regular policies aren’t cutting it, personal injury attorneys are well within their rights to try going after your assets and even your income. Because no one wants to lose the things they’ve worked so hard for in life due to a freak accident, umbrella coverage is always a wise choice. These policies can provide protection in the event of property damage, defamation, and more. If you think you’re a good candidate for umbrella coverage, talk to a broker about your needs and concerns.

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