The chances of losing a lawsuit for a sum greater than what your existing insurance will pay is slim. Yet, if you were to ever find yourself in this position, you could lose all your savings. Umbrella insurance is designed to make sure you never have to sacrifice your assets in this nightmare situation. No longer just for the wealthy, umbrella policies work to safeguard you, whatever your situation.
What is umbrella insurance?
Umbrella insurance is extra coverage that extends beyond your existing protection. It provides coverage for injuries, property damage, certain lawsuits, and personal liability situations.
How does an umbrella policy work?
An umbrella policy helps to protect your assets and your future in many ways.
It provides coverage when your homeowners, auto, and boat insurance policy limits have been exhausted.
It offers coverage for claims that may be excluded by their liability policies including claims like false arrest, libel, slander, and liability coverage.
What does it cover?
You may be thinking that you already have liability coverage in your personal insurance policies. However, in this litigious society, you can quickly exhaust your policies. When this happens, you are responsible for paying the remaining expenses. Since lawsuits can run up to hundreds of thousands of dollars, it is well worth having the protection that safeguards you from selling your valuable assets.
Umbrella insurance generally provides liability coverage for:
Injuries
Damage to property
Certain lawsuits
Personal liability situations
Coverage also helps when you have been sued for:
Slander – An injurious spoken statement
Libel – An injurious written statement
False arrest or imprisonment
Malicious prosecution
Mental anguish
For the umbrella insurance that works for you, contact the team at Mayer Insurance today. We serve Apple Valley and neighboring cities in Minnesota with quality coverage.
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