by Michelle Ferris on Jan 19, 2016
Every policy has gaps... Here's how to protect your finances from falling into one.
I'm sure you understand the value of insuring your homes, cars, and other personal property. I'm sure you also understand that they could get lost, damaged, stolen, or destroyed, which would leave you in a bit of a pickle.
But what about things that you can't put a price on?
How about your peace of mind?
What happens if, in this litigious world we live in, someone sues you for more than your policy will cover? There is a reason that coffee cups now read "CAUTION: HOT." Our country is crazy in love with suing and the idea of easy money. You wouldn't think you'd need the additional protection that an umbrella insurance policy would provide - but if you were wrong, it could mean financial disaster.
It's a myth that umbrella policies are for the rich; these policies offer peace of mind for anyone who could be held liable for serious injury to another person-- whether that injury is caused by you, your pet, or your child. For as little as a few hundred dollars for a $1 million policy, umbrella insurance policies supplement the insurance that you already have through your home and auto coverage.
It may sound like overkill, but say you had $100,000 in liability coverage for your car. Now, say you get into an accident.
In the blink of an eye, your life can go topsy-turvy if you don't have the right protection in place.
Moments like these are rare, but it's very important to have the protection in place for when they do. Because without it, your house, your car, your savings, your kids' college education... everything you've worked so hard to achieve can go up in smoke.
Umbrella Insurance Policies Typically Cover:
Umbrella Insurance Policies Don't Usually Cover:
Details, Details...
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