Personal Umbrella Insurance in Knoxville and Clinton, TN and surrounding area
It’s unlikely that a claim or judgment will surpass the limits of your existing insurance policies, but if it does, you could be on the hook for excessive costs associated with legal fees, medical bills and lost income. A personal umbrella insurance policy provides an additional layer of coverage on top of your existing policies to keep your assets safe in a worst-case scenario.
How Does Umbrella Insurance Work?
Umbrella insurance protects you and your family from financial hardship if you are held responsible for property damage or bodily injury occurring to a third party (e.g., causing a multi-car accident). Personal umbrella insurance is generally less expensive than other types of insurance. A $1 million policy limit is standard, but higher limits may also be available.
What Does Umbrella Insurance Cover?
Typically, a personal umbrella policy will include the following benefits:
· Legal fees—This may cover expenses if your family is sued for causing bodily injury or property damage to a third party.
· Bodily injury—This may cover medical expenses, lost wages and funeral expenses if you’re accused of causing someone physical harm.
· Property damage—This may cover costs for repairs and replacements if you cause damage to someone’s property.
· Personal injury—This may pay for costs if you’re held responsible for defamation of character, humiliation, libel or other covered causes.
Contact ISG Auto Insurance in Clinton, Tennessee, for more information on our coverage solutions.
How Much Umbrella Insurance Do I Need?
Determining how much umbrella insurance you need to purchase can be difficult. Here are some things to consider when selecting your policy:
· Value of assets—Your umbrella policy should cover your net worth, as this is usually what you are at risk of losing in a lawsuit.
· Future income loss—In a large lawsuit, your future income could be at risk, in addition to what you’re currently making. If you have the potential to make significantly greater earnings in the future, you should consider a personal umbrella policy that covers your potential future income.
We’re here to help. Call ISG Auto Insurance and speak to an agent today.
How Do I Buy Umbrella Insurance?
As a locally owned and operated company, we’re committed to finding the insurance that fits your needs. Contact ISG Auto Insurance for a free quote today.