Is Asset Protection Umbrella Insurance Right for You?
Asset protection umbrella insurance (personal umbrella insurance) is designed to help neutralize a devastating adverse financial impact on you if you are held liable for something exceedingly damaging that occurs on your property or on the road.
What is Personal Umbrella Insurance?
Your homeowners, auto or boat insurance policies already provide some level of personal liability insurance. But the cost of property damage, injuries, and especially lawsuits can easily exceed the limits of those policies, which are typically only in the tens or hundreds of thousands.
If you are sued because of injury or property damage to others, you could be forced to pay a legal judgment that could decimate your current assets and future earnings.
Personal umbrella policies provide extra personal liability insurance that helps protect you from major claims and lawsuits beyond the limits of your homeowners, auto, and watercraft policies. Umbrella policies typically provide $1 to $5 million in additional liability protection after the limits on your other policies have been reached.
Who Needs Personal Umbrella Insurance?
The average personal injury settlement in Louisiana is $95,000, but settlements in excess of this amount are not uncommon (especially if they go to court and a jury gets involved).
For example, in June 2013 a $3,873,018 settlement was awarded to a Louisiana driver that was rear-ended by a company utility truck. The plaintiff sued both the individual driver and the company that owned the vehicle and employed the driver, and was awarded the amount based on projected costs of future care as a result of his injuries.
Even if you have what most would consider is decent liability coverage on your auto policy and a payout of $300,000, you’d still be on the hook for potentially millions of dollars.
Every policy owner that wants to protect their current and future earnings and assets should have personal asset protection umbrella insurance coverage, but especially if you face an increased risk of causing or being accused of causing injury or property damage to another individual as a result of the work you do, the type of property you live on, or the wealth you possess.
Personal Umbrella Insurance Advisors in New Orleans, LA
Our experienced, knowledgeable agents will carefully assess your lifestyle, your assets and the risks you face. We will help you determine if an umbrella policy is the right choice for you. And we will be sure that you have the right policy limits so that you have peace of mind. Contact one of our agents today.