For most individuals, enuring the security of your personal assets is of paramount importance, both for you and your family. In many cases, however, typical insurance policies can have gaps that leave you open to being held financially liable for accidents, injuries, or other incidents. Personal umbrella coverage helps to fill those gaps and ensures that if you or a close relation is deemed liable for some action or incident, your assets will be well protected.
When Might Personal Umbrella Coverage Be Necessary?
Personal umbrella coverage can be essential in situations where you might be held liable for some incident, but other insurance policies do not sufficiently cover you. For instance, examples include lawsuits resulting from accidents sustained on your property, lawsuits against parents due to reckless behavior of their children, findings of liability in traffic accidents, and other similar situations. The risk may be compounded if you are a wealthy indvidual, giving others a potential incentive to file a lawsuit against you.
In short, the list of risky situations is long — but a personal umbrella policy will help fill in the gaps. Speaking to an experienced insurer can help you establish a policy that sufficiently protects you, your assets, and your family, providing peace of mind no matter what happens.