Do I Need Umbrella Insurance?

Since none of us have a crystal ball, it is impossible to predict if we will be sued in the future for an accident on our property or a vehicle accident. Consequently, if you have significant assets that greatly exceed your existing insurance policy liability limits then an umbrella policy can help protect you from the possibility of a devastating financial loss.

In short, an umbrella policy protects both your existing and future assets from being garnished in a lawsuit because of an accident deemed to be your fault. For example, if you are involved in an at-fault vehicle accident that damages and injures another person your insurance policy will pay for their medical expenses and repairs up to your policy limit. Once that liability limit has been met, you’ll be on the hook for any overages. With an umbrella policy, coverage kicks in as soon as the limit has been met and helps protect any of your assets from being seized or needing to be liquidated. 

Not only does an umbrella insurance policy protect yourself, but also it covers your dependent children which can be particularly important once they reach driving age. Umbrella insurance will not cover lawsuits related to a business that you own, excluding activities such as drag racing, crimes and intentional acts, and healthcare costs.

For specific questions on umbrella insurance, contact the team at Idaho Select Insurance in Meridian, ID. We’ll help determine if an umbrella policy is right for you and walk you through all the steps needed to apply. Give Idaho Select Insurance in Meridian, ID a call today to learn more.