While most types of insurance policy are well known, there are a few that exist that can provide huge amounts of value at a low cost, such
as personal umbrella insurance.
Let's take a look
at personal umbrella insurance and try to shed some light on why this is one type of insurance coverage that every person should at least look in to.
Personal umbrella insurance provides additional liability protection if the liability limits on your underlying insurance policies (auto, homeowners, renters, RV, boat, etc.) have been reached.
Personal umbrella insurance only provides liability protection — legal shelter from incidents when you've unwittingly caused damage to another person or their property.
While personal umbrella insurance is designed to help cover expenses if you are held responsible for damages to someone else's property, that coverage typically won't apply if you cause damage to your own property.
For more information
about personal umbrella insurance, and to find out the right level of coverage for you, speak with a Nationwide agent today by calling 1 -877-On Your Side (1-877-669-6877).
Ameriprise offers
personal umbrella insurance coverage for when the cost of an accident exceeds your auto or home insurance policy limits; it'll pay the difference between how much your claim actually costs and how much your auto / home insurance can cover.
However, if you had a one million
dollar personal umbrella insurance policy, once those underlying limits were exhausted the umbrella would kick in and cover the added expenses you may be liable for up to the umbrella policy's limits.
Since Personal Umbrella Insurance will vary depending on your individual coverage needs, it's important to discuss your options with one of our insurance specialists before making a decision.
[33] In some areas such as directors and officers liability insurance [34] and personal umbrella insurance [35] there is little industry - wide standardization.
It may seem
like personal umbrella insurance policies are only for the rich, or for people who have a lot of valuables to insure, but this way of seeing things isn't entirely accurate.
Also, Commercial Umbrella Insurance differs from
Personal Umbrella Insurance because it focuses on specific business cases, such as adding more protection on errors and omissions coverage.
Please note: In order to be eligible for
NEA Personal Umbrella Insurance, you must have an existing auto or home insurance policy through California Casualty.
I'll go that route then to try to get better rates / lower cash needed with personal financing vs corporation (and i'll make sure I have
personal umbrella insurance policy as well!)
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