In this day and age, lawsuits are frequent occurrences. The thought of a lawsuit might make you break out in a cold sweat. Legal bills, court costs, high jury awards – these are just some of the financial risks you could face if found personally liable for injury to another person or their property. While our main insurance policies (auto, homeowners, boat, etc.) provide us with coverage, there are limits to these coverages. Personal Umbrella Insurance in Philadelphia is a liability insurance policy that covers you beyond the limits of your other policies. This stand-alone policy will go above and beyond to protect your assets by providing you with additional coverage when you need it.
What’s Covered By Umbrella Insurance in Philadelphia
Auto insurance covers you after a car accident. Homeowners insurance covers you following a home break in (among other events). Both policies include coverages to protect you from liability after damage or injuries to another person or property; however, there are limits to this coverage. It only takes one major accident to wipe out your assets!
For example, imagine you are found liable for another’s injuries stemming from a motor vehicle accident. If you are ultimately responsible for $700,000 worth of damages, but your auto insurance only covers up to $300,000, you are on the hook for $400,000! Not everyone has that type of money available to them. But with Philadelphia umbrella insurance, that remaining $400,000 would be covered.
An umbrella policy covers many types of damage, including the following:
- Property Damage
- Bodily Injury
- Legal Damages for Libel, Slander, Violation of Privacy (and many other civil charges)
- Legal fees
Even certain damages that are not covered by your other insurance policies may be covered by an umbrella policy.
Unfortunately, this policy won’t cover everything. Certain lawsuits are excluded from coverage, for instance:
- Intentionally-Caused Damages
- Malpractice Suits
- Workers Comp Claims Against Employees
Also, this type of insurance only covers you when you’re the one who is found liable. If you are the injured party seeking compensation, you must rely on your other policies; umbrella insurance does not cover such situations.
Insurance Shops Can Help You Obtain Philadelphia Umbrella Insurance
Is it a good time to consider purchasing umbrella insurance? The answer is yes! Umbrella insurance coverage is typically sold in increments of $1,000,000. It is known as one of the best insurance purchases in the industry because of its low cost. Most carriers offer this coverage at rates starting as low as $150 a year! This incredible value will give you peace of mind surrounding your current and future finances.
Contact Insurance Shops today to inquire about purchasing Philadelphia umbrella insurance. With over 30 years of experience, our agents will provide you with the top-notch customer service you deserve.
