Then you need umbrella insurance.
Umbrella insurance is what protects you from lawsuits and other liabilities or claims that exceed the policy liability limits of your homeowners insurance, auto insurance, boat insurance, motorcycle insurance, or other personal insurance policies.
What is Umbrella Liability Insurance?
Umbrella liability insurance is an insurance policy that protects you and your assets above and beyond your homeowners insurance, auto insurance, or other policies.
Umbrella liability insurance can cover you if you are sued and the damages are above your base policy’s liability limit.
Why Do You Need Umbrella Liability Insurance?
Umbrella insurance can protect if you are sued for damages after an event that occurred in your home, car, or because of an action you took.
It will cover you for bodily injury liability, property damage liability, and more.
For instance, if someone gets injured on your property (trips and falls or similar accidents), umbrella insurance can cover their medical costs.
If you are involved in an auto accident and there is bodily injury and/or property damage, umbrella coverage might be needed if injuries are severe.
This type of insurance can also cover you if someone sues you for slander (an injurious spoken statement) and libel (same thing as slander, but written).
Of course, the actual coverage you are provided by your umbrella insurance policy depends on the circumstances of your individual case, so always check with your individual agent about your coverage.
How Do You Choose the Right Type of Umbrella Liability Insurance?
Choosing the right type of umbrella insurance can be complicated, but an ASCO insurance agent can help you determine what kind of umbrella coverage you need.
Protecting your family’s assets should be a top priority, so you should definitely discuss the best umbrella insurance options and the type or types of umbrella insurance that you need to carry.
What Other Types of Insurance Are Related to Umbrella Liability Insurance?
If you own vehicles or boats, you will want to cover yourself for accidental bodily injury and/or property damage to others.
Homeowners insurance is necessary if you own a home, as along with insuring your property there is also liability coverage, for the premises as well as personal liability.
If you rent, renters insurance can provide liability for the premises as well as personal liability.
An umbrella policy can provide additional liability over these policies to protect you and your family from unforeseen incidents and disasters.
You most likely will also require umbrella insurance coverage if you have tenants; otherwise, you may be liable as a landlord for incidents or accidents that occur on their property even if you weren’t personally involved.
Umbrella insurance can be incredibly valuable in a variety of circumstances, and it can be the key to protecting the assets you’ve worked so hard to build.
Be sure to speak with an ASCO insurance agent if you think you need umbrella insurance for any reason – they will advise you as to the type of umbrella insurance you need and how much umbrella insurance costs.