A Personal Umbrella Policy is pretty much what it sounds like, an umbrella over and above your existing insurance policies. It acts as an extension of coverage for your homeowners, auto, motorcycle, renters, and condominium policies. A Personal Umbrella Policy (PUP) provides protection against devastating claims and judgements.
Why the Need for Extra Protection
Although you already have insurance for your home, auto, condominium, or etc.., it may not be enough in some instances. For example, you may have coverage up to $250,000 on your personal auto policy but say you are sued for $1 million dollars. How will you come up with the other $750,000? Consider the following examples where a PUP may be necessary:
- You have a backyard BBQ this summer and a guest leaves the party intoxicated. On the way home that person is involved in a car accident, injuring himself and others.
- Someone falls down the steps at your home and sues you, costing you all of your retirement funds, savings, etc.
- You are on a family vacation at the lake and decide to rent a jet ski. You hit someone that was swimming in the water causing severe bodily injury.
An umbrella policy is rather inexpensive and is written in million dollar increments. Policy limits are largely based on income and any additional assets that someone may have. You can speak with an agent as to what would fit your personal needs and circumstances.
Is a Personal Umbrella Policy Right for You?
Having a Personal Umbrella Policy protects your home, retirement, bank account(s), investments, and much more. It is your personal decision as to whether you want to purchase the extra coverage. As an independent insurance agent, Barrick Insurance can explain available options and answer any questions that you may have. If you already have a Personal Umbrella Policy you should make sure that it is up to date. Feel free to give our office a call at (717) 632-7270.