Your homeowners insurance and auto insurance have maximum liability coverage, as well as specific circumstances that your financial liability is covered under. What happens if you end up in a situation where those limits simply don’t work with your life? You can’t always keep adding on coverage until it matches what you need, and some liability situations aren’t covered under a standard homeowners or automobile policy. What you need is personal umbrella insurance.
This type of policy, frequently called PUP, provides an extensive level of coverage, typically in the millions. If you have an unfortunate situation where you cause a serious accident against a high priced car, or you put someone out of work for months on end due to their injuries, it’s easy to run through your existing car insurance liability limits.
Other features that PUP has is covering legal fees and lost wages related to an ongoing lawsuit. If you’re facing a wrongful death suit, this could result in significant time away from work. With a personal umbrella policy in place, you aren’t going to have to file for bankruptcy due to the amount of missed work.
Libel and slander are also covered under umbrella policies, which are provisions not typically included in other types of personal insurance. If someone is suing you based on one of those two situations, it provides you with financial protection.
Don’t wait until you are in dire straits and dealing with a massive lawsuit due to a tragic event. Look into personal umbrella insurance quotes with our online system, and talk to our local agents in Colleyville, TX to get you set up.