Get Your Personal Liability Umbrella Policy

If you are faced with a liability lawsuit due to someone being injured at your home or as a result of an accident, it could mean financial disaster for you if you are not properly protected.  People are suing each other more and more today and there’s no reason to believe that will change in the near future.  While you may not be able to predict if or when you’ll have an accident, or may be faced with a lawsuit; you can take steps now to properly protect yourself. 

A Personal Liability Umbrella Policy (PLUP) provides additional protection in the event of a covered claim where the liability limits on your home or auto insurance policy are exceeded.  The policy is called an umbrella because it extends coverage over your home and automobile.  PLUPs are normally sold in increments of $1 million and are extremely affordable.  The cost of a PLUP will vary depending on several factors but a $1 million PLUP would normally cost less than $300 a year.  Some insurance companies even give discounts if you have your car and home insurance with them.  A bigger umbrella policy will make sense if you have more assets to protect.   

If your auto and home policies had $250,000 in liability coverage; with a $1 million PLUP you would have a total of $1,250,000 of liability protection on both your car and home policies for covered losses.  If you were sued after an accident and a judgment of $200,000 was awarded; the first $200,000 would be covered under the liability coverage on your auto policy.  If a judgment of $750,000 was awarded; the first $250,000 would be covered under your auto policy and the additional $500,000 would be covered under your PLUP.  Without a PLUP in force you could be faced with the possibility of having to sell off assets or deplete your savings to pay the judgment.

Many people are not aware of the added protection provided by this policy and how affordable it is.  For additional information on a Personal Liability Umbrella Policy, please contact me atTarrell@SCVInsuranceGuy.com.