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Liability insurance included in your homeowner’s or auto insurance can shield you when you are at fault in an accident occurring in or near Magnolia, TX. But what happens if you are pursued legally because your liability coverage isn’t sufficient to cover damage awards? You can still protect yourself with an umbrella policy available through the Christian Insurance Agency.
High-Worth Individuals Should Reflect on Umbrella Insurance
High net-worth individuals and public figures should consider an umbrella insurance policy as many victims opt for higher compensation when injured on your property or in a motor vehicle accident. Umbrella insurance handles legal fees and any disbursements up to your policy’s limit. A handy guideline is to insure yourself for your net worth. Even individuals without extensive resources should insure themselves for their net worth, as liability awards can swiftly accumulate. Having an additional umbrella policy will guarantee that a legal case that is decided against you won’t deplete your assets. If your business has umbrella insurance, you should also have a separate personal umbrella policy, as a commercial policy will not cover incidents outside your professional setting.
Situations Covered by Personal Umbrella Insurance
Umbrella insurance gets activated after a lawsuit has drained your initial liability coverage. Frequent situations where umbrella insurance can assist include:
- Your dog bites someone
- You are involved in a severe motor vehicle, boating, or recreational vehicle accident.
- You accidentally injure someone off your property
- You crash your vehicle into a building
- A family member is sued for defamatory comment online
Umbrella insurance is economical and can provide additional protection for you and your family in varying circumstances. Look to the experts at Christian Insurance Agency, serving Magnolia, TX, for additional information when tailor-making your policy.