Berks Insurance

A common myth about umbrella insurance is that it carries a hefty price tag but actually umbrella insurance is some of the most affordable liability insurance you can get, with an average cost of only a few hundred dollars a year.

Did you know that you can obtain short term umbrella insurance which will cover you for a year or less? Extra liability umbrella insurance coverage can provide additional security and peace of mind for as long or as little as you may need.

Insurance experts say that homeowners with a trampoline should consider an umbrella policy. Serious accidents are possible that could lead to expensive legal judgments or settlements. Unfortunately, being careful is not enough to stop an accident.

What are the requirements to qualify for an umbrella insurance policy? While the rules can vary from company to company, most insurance companies require that an individual have a certain level of homeowner’s or auto liability coverage often at $500,000 in order to be considered for an umbrella policy that adds more liability coverage.

So how much exactly does an umbrella insurance policy protect you beyond your original insurance coverage? Depending on the policy, it can add an additional one to five million dollars in liability protection.

What’s the difference between libel and slander? Both are types of defamation, which is damage to a person’s reputation. With libel, the damage is written and published while slander is defamation that is spoken. Many homeowner’s policies exclude coverage for lawsuits or judgments as the result of libel or slander.

A lot of the time, umbrella coverage can be bundled with your current auto insurance and home insurance provider. This will make it easy to use in case you need it. An insurance expert will help you go over options so your insurance all works together well.

Just like with any other kind of policies, umbrella coverage can have some things it won’t cover depending on the policy (such as punitive damages or business endeavor claims). An insurance expert can help you go over the policies to find the coverage that’s right for you.

Have you worked hard and built up a comfortable savings account, investment portfolio, and emergency fund? If you don’t have an umbrella insurance policy for personal liability, you could be a single accident away from bankruptcy. Accidents with serious injuries can lead to exorbitant legal judgments. If your insurance is exhausted, you’re on the hook personally for the rest of the judgment.

Did you know that an umbrella policy tends to be a cheaper option than increasing the limits on your auto and homeowners policies? Plus, you get the added benefits of an umbrella policy, such as personal injury coverage.

In most cases, the amount of coverage for a personal umbrella policy ranges from $1 million to $10 million and covers broad forms of liability insurance.

The usual umbrella coverage policy is for $1 million, but that’s not enough for everyone. For example, if you make more than $100,000 a year or have more than $1 million in assets (including your house and retirement fund), you should have a higher policy.

If you enjoy recreational activities like boating, traveling in your own RV or even skiing it is a good idea to carry extra liability umbrella insurance. In the event of an accident, this type of insurance can protect you against a lawsuit.