Personal Umbrella Insurance in Cedar Rapids, Iowa
It seems like court judgments for liability lawsuits are getting more outrageous in Iowa every year. If you are found legally liable for accidentally injuring someone or causing damage to their property, you could be sued. If the judgement exceeds the limits of your base policy, you are personally responsible for the rest. A personal liability umbrella provides an added layer of protection over and above your home and auto liability limits. A million dollars can add up quickly especially when the insured party can’t work for months or even years.
A Personal Liability Umbrella policy protects your assets
You’ve heard the expression CYA? Umbrella insurance helps cover your assets! During the discovery processes of a personal injury suit, an attorney can subpoena your financial records to find out your income and any assets you own. Those assets and even future earnings could enter into the judgement.
The minimum coverage amount for umbrella insurance is $1 million and additional coverage can be obtained in $1 million increments. How much is enough? The answer is different for everyone and can depend on what you want to protect and how much risk you’re willing to assume yourself.
A personal umbrella policy usually requires that you have all underlining coverage for your homeowners and vehicle insurance be held with the same carrier. Get a bundled quote from a local, Cedar Rapids insurance agent today.