Many consumers have never heard of an umbrella, unless it is the kind that keeps the rain off your head.
Actually, an insurance umbrella keeps every thing else off your head, other than the rain.
WHY DO I NEED AN UMBRELLA? Usually sold in increments of $1,000,000 or $2,000,000, an umbrella gives you added protection above and beyond your auto and home policy, particularly the Bodily Injury coverage (on auto policies) and Medical Coverage/Liability Protection (on your home policy).
Alot of insurance buying consumers think premium first, coverage second. That is a bad idea if you have any assets, own a home or have a decent income.
CONSIDER: You hit another vehicle and cause injuries, or hit a pedestrian, or a child on a bicycle your auto policy will pay out a substantial amount. If you happen to have low or marginal coverage, the adverse party will have one alternative - sue you personally.
READY TO BE SUED? You see the ad's on television all the time. Attorney's who seek out those injured in an auto accident. They want to recover damages from the insurance company first, you second, if needed. If you have assets, you are a prime target. Why work so hard to accumulate those assets only to give them away?
Now you will have to dip into your assets anyway to protect yourself from a court lawsuit. Isn't it easier to simply spend $350 or so annually for an umbrella policy? The premium can vary depending upon other insurance products you carry or if you have teenage drivers.
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