Let’s say you’re driving too fast on a wet slippery road and you hit another vehicle with several passengers. The passengers are injured, including a physician who will be unable to work. If the physician files a loss of income suit, you may be liable for several million dollars.
The liability limit on your auto insurance policy, however, is $100,000 and the liability limit for your homeowner insurance is $500,000. How will you pay a potential judgment in a lawsuit?
The answer is simple: umbrella coverage. As the term implies, umbrella coverage acts as an extra layer of protection on your homeowner or auto insurance policy, extending the limits in increments of $1 million. When your other policy limits are reached, then the umbrella coverage will provide the protection you need.
Umbrella coverage is not only essential for your peace of mind, it’s also inexpensive. Adding $1 million in coverage will typically cost less than $150 a year.
Please contact us today at (607)266-3303 to get a free quote on adding umbrella coverage to your policy. Or fill out this contact form and we will we get back to you.