An umbrella policy will increase your liability coverage over your existing limits on your home, auto, or motorcycle insurance. If you are involved in an accident and you are at fault, and the cost exceeds the liability coverage included in your policies, then umbrella coverage kicks in and pays the rest. With umbrella insurance, you aren’t left with an out-of-pocket liability expense. Since today’s society is litigious, you are advised to have as much liability insurance as you can. When cases are taken to court, juries do tend to give out significant awards. Legal fees for a defense lawyer, along with court costs, can add up fast.
Umbrella insurance isn’t required in New York. However, it is commonly purchased by those who own property, have significant savings or assets, are concerned about liability claims against them when they travel, or own things that can lead to lawsuits such as trampolines or pools. Those who participate in activities that increase the chances of causing a lawsuit, such as being a landlord, coaching youth sports, serving on a non-profit board, and participating in sports where you can injure others, should also want to consider having an umbrella policy. Anyone can benefit from an umbrella policy because a large lawsuit can not only wipe out any current savings but also what you will earn in the future. You could be stuck paying down debt from a lawsuit for years. An agent at Liberty Brokers Corp can help you determine your risks. You must already have current insurance policies that meet the minimum requirements for New York before you can purchase an umbrella policy.
Umbrella insurance can pay for another person's injury, funeral costs, and property damage. It can also cover lawsuits involving slander, libel, and other personal attacks. This is not usually covered under regular homeowners insurance. It pays for legal defense costs as well. However, an umbrella policy won’t cover your personal injuries or damage to your property.
Contact Liberty Brokers Corp to get a quote on umbrella insurance.
