- Many people with great auto and homeowner’s insurance wonder if umbrella insurance is really necessary. We’ll say this if you own property or have other assets you want to preserve, you should strongly consider umbrella insurance.
- Umbrella insurance is excess liability insurance that can protect you and your most valuable assets. An umbrella policy typically comes into play to protect you against hefty lawsuits. For instance, most car insurance policies cover up to $250,000 – $500,000 per accident, but if you get in a serious accident you may be faced with a lawsuit that could easily exceed a million dollars. By having an umbrella policy in Connecticut, you will be protected from lawsuits like this wiping out your most valuable assets.
- Serious property damage. Standard auto insurance may be exhausted if you are at fault in an auto accident where you destroy another vehicle and/or other property.
- Serious bodily injury liability. Your home or auto insurance policy may not sufficiently cover medical or other related costs due to your neighbor getting bitten by your dog. It is important to consider this statistic: Thirteen percent of personal injury liability awards and settlements hit the million dollar mark or higher.
- Protect yourself from slander or libel lawsuit. In the age of the internet, everyone’s voice can be heard, which can lead to a slander lawsuit. Plenty of lawsuits have been filed for social media posts in the last few years. An umbrella policy can protect you from all of the legal costs involved in the legal procedure.
- We can comfortably say that umbrella insurance is one of the best buys amongst any other policies in the insurance industry. With umbrella policies ranging from $200 – $600 per year you can be covered up to $1 million dollars! Pretty much for every additional $100 to your policy you will be covered for an additional million dollars. Though these figures vary based on various risk factors. The best way to find out is to speak with one of our agents to see how much you would pay in Connecticut. Call us at 203-481-8898 to speak with an agent.
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