Worcester Personal Umbrella Policy Info

A personal umbrella policy is a secondary form of insurance that can only be used once your primary policies have been exhausted. Because of this, it is typically a very affordable policy, especially given the value it provides. With this coverage, you have both more and broader coverage that can help pay for legal costs, on-going medical expenses, lost wages, and the other expenses for which you may be liable.

What Can Personal Umbrella Insurance Cover For Me?

As a secondary policy, your umbrella policy typically covers the same situations that your home and auto liability policies cover (although always make sure you check your policy for specifics), such as:

• Injuries and damages sustained in an auto accident
• Injuries sustained on your property due to negligence
• Dog bites
• Personal injury or property damage that occur off your property for which you are responsible

By extending your coverage limits to $1 million, $5 million, or more, even serious incidents may be fully covered under an umbrella policy. Worcester homeowners that have a pool, swing set, trampoline, or other recreational equipment are especially at risk for these high-cost lawsuits, due to the risks associated with these items, making umbrella insurance especially useful.

An umbrella policy may also provide coverage for situations your primary policies do not, such as if you cause damage in another country, or are accused of slander or libel. Your umbrella policy can cover your entire family for the same low premium costs, providing extensive value.

Worcester Coverage Limits

Every insurance policy has a coverage limit, which is the maximum amount it will pay out for a covered event. For many homeowners, the policy is capped at $300,000 for liability protection. While you can add more liability protection, it is typically quite expensive. However, extending it with an umbrella policy can add additional coverage for a lower cost. However, you must first have purchased a specified amount of primary insurance to be eligible for an umbrella policy.

Umbrella policies typically cover anywhere from $1 million to $5 million in damages, allowing for a wide range of serious situations that could occur. While premiums are low given the value of the policy, the deductibles are often very high. Most agents advise making your deductible equal to the policy limits of your primary policy, to minimize your out of pocket costs.

Many Worcester residents are not prepared for the financial repercussions of a serious accident. If you are at fault for serious or permanent harm, you may be responsible for ongoing medical treatments, lost wages, and more. With a personal umbrella policy, you can have extensive protections against these expensive situations.