Umbrella Insurance
Umbrella insurance provides you with an extra layer of
liability protection should you be found liable for causing
bodily injury to someone else or damaging their property.
Because the average size of jury awards has increased
dramatically in the last few years, umbrella insurance has
become more important, particularly for people who have
numerous assets. The following are a few examples of
situations where umbrella insurance is needed.
- One evening while on the way home, a driver doesn't see
a stop sign and broadsides a city bus. Several of the
occupants are injured, resulting in a large lawsuit.
- A family dog bites a child. Although the child is not
seriously injured physically, there are some resulting
psychological problems. The dog's owner is sued for a
substantial sum.
- A man on vacation rents a boat. He runs into a
water-skier, severely injuring the skier's legs. A lawsuit
ensues.
- A homeowner is responsible for a fire that sweeps
through his condominium complex, causing millions of dollars
in damage and resulting in several lawsuits.
If any of these happened to you, there's a good chance your
liability limits in your Auto or Home policy would not be
adequate. You could be sued for all your possessions, and most
of your future earnings.
Umbrella insurance also helps you with your legal fees.
Even if the verdict is in your favor, your legal fees may be
extremely high. If you have a personal umbrella policy, you
won't need to pay thousands of dollars out-of-pocket for legal
fees.
To get Safeco's superior umbrella protection, you need to
have your Auto insurance with Safeco with liability limits of
$500,000. If you have Home or Boat policies, these limits of
liability would have to be at the maximum limits allowed.
Safeco's umbrella limits start at $1,000,000 but higher limits
are also available. Your agent can help you select the
appropriate amount.
The best part of Umbrella insurance may be this – although
your protection is substantially increased, the cost is very
reasonable. Your cost will depend on limits selected, number
of autos, residences, boats, etc., and the area of the country
where you live. The average cost is under $200 a year. Your
agent can give you an exact quote.
|
