Umbrella insurance provides an additional layer of protection, in addition to your liability coverage found in your personal homeowner’s, auto or boat insurance policy. Often, personal umbrella policies start with a minimum coverage limit of one-million dollars. These policies are designed to protect you in case you’re found legally responsible for injuries to property or persons, including non-physical injuries, such as slander or libel. Ty Lawrence Insurance Agency, which deals with people near the Austin, TX area, is able to analyze your situation and give you the advice needed to ensure you get the best possible protection at a great rate.
Protect Your Assets Against Legal Action
If you possess a lot of assets, you may be a target for lawsuits. Losing a judgment may result in special compensatory judgments for pain, loss of consortium, and suffering and punitive damages. Losing a high-value lawsuit could greatly affect your lifestyle, which is where your umbrella policy comes into play. The coverage limits, which may appear quite high, cover personal liability and pay for damage to others, helping you keep your hard-earned money in your possession.
High-Profile Image or a Change in Lifestyle
Sometimes, a lifestyle change or being a person of high-status may warrant buying an umbrella policy. Some people are often held to higher standards than others, for example, coaches, clergy, youth instructors, and counselors, and when people feel these individuals haven’t met their preconceived standards, they file a lawsuit.
Perhaps, you decide to brighten your kids’ life by installing a nice pool in the backyard. You’ve now greatly increased the risk of a lawsuit from your kids’ family members if someone gets injured in the pool. A trampoline that your kids and their friends enjoy may be a ticking time bomb in terms of a lawsuit for spinal damages if someone slips and falls.
Contact someone from Ty Lawrence Insurance Agency, which assists people in the area of Austin, TX, and finds out how an umbrella policy offers personal protection against financial ruin.