These days, people sue for everything under the sun and surprisingly, win sometimes astronomical settlements that seem completely out of line to the average person. The problem is that the average person doesn’t have to agree with the ruling. The prosecuting attorney only has to get a select few jurors to agree to reach a verdict and find a ruling.
That ruling could leave the defendant in the case on the hook for thousands, hundreds of thousands or even millions of dollars. This is what insurance is for. Insurance policies are issued and put in place in order to protect assets should the worst occur and you are found at fault or liable.
While individual policies such as homeowners, auto or boater’s insurance are fantastic there is one additional policy which can help greatly that many overlook. That type of policy is known as an Umbrella Policy.
A personal umbrella insurance policy helps protect you from real life risks offering you critical coverage when you need it the most.
If you own property – and someone is injured at your home you could be on the hook for the hospital bill if it surpasses the allotted maximum covered by the homeowners’ policy. Medical bills can add up quickly.
The same rings true for an at-fault auto accident. Even if your auto insurance covers the maximum $500,0000 for bodily injury if you are sued and found liable for a judgement of say $1.5 million with no umbrella in place, that would be taken, through judgement and liens from your assets, your home, savings and even future earnings, which could destroy your financial outlook.
Another possibility in today’s digital world is lawsuits for defamation. If you post something online that may or may not be true that damages the reputation of an individual or a business they may choose to take legal action in the form of a suit. An umbrella policy would cover you up to the amount selected. In most cases, personal umbrella policies are available in million-dollar increments, from $1 to $5 million.
Talk to your Centennial Insurance Services Agent of Fort Myers, Florida today to decide what personal umbrella insurance policy levels are right for your life. www.cisinsfl.com or give us a call at 239-247-5125.