Everything you need to know about insurance basics, like coverage types, limits, cost and more.
Protect Yourself From Lawsuits With Umbrella Insurance
Whether on the road or at home, you do what you can to keep yourself and those around you safe. But accidents happen — and sometimes they can lead to pricey lawsuits. Have you ever considered what you’d do if you were sued for something like accidentally injuring a guest on your property or being at-fault for a major car accident? How would you cover the expenses? The primary liability coverage on your home, auto or recreational vehicle insurance may not cover all the costs. If you owe more than what your primary insurance covers, you’ll be left paying out of pocket.
That’s where umbrella liability insurance comes into play — consider it proactively planned lawsuit protection. How does it work? Let’s take a look.
Umbrella Insurance for Lawsuit Protection
Did you know that the National Highway Traffic Safety Administration estimates over six million car collisions occur annually in the U.S.? Or that the Center for Disease Control and Prevention also estimates about five million dog bites annually and over one million slip and fall accidents per year?
It can be a bit daunting to look at statistics like this, but it’s important to understand the risks in order to properly protect yourself.
If you’re at fault for an accident or injury and faced with a lawsuit, you may be required to pay above and beyond the primary liability limits on your homeowners, auto or recreational vehicle policy, especially if there are serious injuries. What would you do if this were the case? You may have to sell some of your assets, drain your bank account or hand over future earnings.
But this doesn’t have to happen.
Personal liability umbrella insurance helps protect all the things you work so hard for. If you have a liability lawsuit against you, umbrella insurance helps cover beyond what your primary liability coverage will pay for — keeping your assets, savings account and future earnings safe and sound.
Umbrella Insurance Facts
Umbrella insurance has a few key benefits and facts that make it a great choice to help protect what matters most to you. Here are a few things you should know about umbrella insurance:
- Extends beyond your primary insurance to cover bodily injury and property damage you are liable for.
- Protects you if you’re sued for libel, slander or defamation of character.
- Covers your attorney fees and other costs related to your defense in addition to the limit of your policy.
- Coverage extends to recreational vehicles, like motorcycles, boats, snowmobiles and ATVs.
- Limits start at $1 million with the option to increase in million dollar increments.
- Provides affordable peace of mind you’re protecting what matters to you.
It’s something you hope never happens, but if you are sued, you’ll be happy you were proactive about protecting your financial well-being by adding umbrella insurance. Ready to get covered? Connect with your American Family Insurance agent and they’ll walk you through everything you need to know.
American Family Mutual Insurance Company S.I. & its Operating Companies 6000 American Parkway Madison, WI 53783