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What is Umbrella Insurance and who needs it? 

Umbrella Insurance is designed to protect your personal assets from judgments or liability claims.  Just as the name implies an Umbrella Policy extends over the underlying liability coverage you have on your home, automobile and other items such as ATVs, boats and golf carts. For example, your auto insurance carries Bodily Injury limits of 500,000; you can increase that to $1,500,000 by having an Umbrella policy with a $1,000,000 limit. Having the Umbrella Insurance would also increase the liability limit of your home policy by $1,000,000. 

Certain assets are protected by law in case of a judgement against you, but if you have accumulated assets such as real estate, stocks and bonds or cash they are at risk if the judgment against you exceeds the limits of your Insurance.  With the skyrocketing cost of medical bills and hospital stays it would not be uncommon to exceed the limits of your automobile insurance if you were to be found at fault.  It would be your responsibility to come up with the additional monies to cover the medical expenses. 

So who needs umbrella insurance? It might be you!

Contact us at 512-913-9637, the Luci Temple Insurance Agency and we would be happy to give you more information about Umbrella Insurance and review your coverage. 

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