Umbrella Insurance Policy Philadelphia
An umbrella insurance policy is good way to make sure your assets are fully covered
Umbrella Insurance Policy in Philadelphia
An umbrella policy is additional insurance coverage. In the event of a claim after the limits are reached through your auto or homeowners policy, your umbrella policy coverage would kick in. An umbrella policy has the following coverage – bodily injury, property damage and personal injury.
In order to add an umbrella policy onto your auto and homeowners, they must be with the same insurance company. You would have also had to obtain the maximum coverage on those policies. The coverage is also more affordable than you think, a policy can run as little as $150 per year for a one million dollar umbrella policy. An umbrella policy covers you, your spouse, and all relatives living in the home.
Here is an example of how you could be at risk for judgments above and beyond your current coverage:
Your 17 year old son just got his license and decided to drive 3 friends to the mall. On the way your son collided with another vehicle and the other driver and all 3 of your son’s passengers were injured. They all sue you for a total amount of one million dollars. Your auto policy carries 250,000/500,000 liability limits. You also purchased a one million dollar umbrella policy. The judgment is for one million dollars and you are covered. Your auto policy will pay out $125,000 to each of the injured for a total of $500,000 and your umbrella policy will pay $125,000 to each of the injured. Your umbrella policy covered $500,000 in which you would have had to pay out on your own, had you not been prepared. So the minimal amount you paid in umbrella policy premium was well worth the cost.
Our experienced agents will sit down with you and go over your assets and try to identify any potential risks (example: pool in backyard) to determine if you need an umbrella policy and the appropriate amount of coverage.