Even though many believe that umbrella insurance is only for those who hold considerable wealth or an abundance of assets, it is accessible to all and can help protect anyone’s financial future. These plans are meant to cover a person who has been sued and found responsible for damages outside of their existing policy limits.
Umbrella coverage was created as an affordable way to extend coverage on any policy, including home, auto, watercraft, RV and motorcycle. These policies can protect your future earnings and current assets during an unexpected liability settlement or judgment. They are generally offered in $1,000,000 increments up to $50,000,000 or more.
As an addition to an existing plan, a personal umbrella policy can give you reassurance during the unforeseen by transferring a possible financial burden to an insurance company in exchange for a small annual premium.