AN UMBRELLA POLICY: INSURANCE FOR ALL SEASONS
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Unexpected tragedies happen all the time, and sometimes you might find yourself at fault or liable for something that happened on your property or because of a quick lapse of judgment behind the wheel. Your homeowners and auto insurance policies don’t cover everything; in fact, they are usually limited to covering bodily injury and property damage without taking into account lost wages or lingering pain and suffering; getting an UMBRELLA policy is a good way to prepare yourself for the unthinkable, and it won’t cost you all that much more than the policy you already have.
An umbrella policy will protect you from anything that might go wrong at home or on the road and that can cause you to be sued. Lawyers are seeking higher amounts in damages all the time, and liability for multi-car crashes or terrible accidents occurring on your property might well go beyond what your policies provide for; often, you can get coverage for up to a million dollars without substantially adding to your premiums, especially if you are willing to raise your deductible.
The state of New Hampshire allows victims of automobile accidents to claim damages from the assets of the at-fault driver if the insurance money isn’t adequate to cover it. If you have substantial assets, you would be smart to buy coverage that at least equals the amount that can be garnished by an accident victim.
In sum, if you have a lot to lose and feel your coverage isn’t adequate to handle a major catastrophe, then it might be a good choice for you to purchase an umbrella policy that can be applied to any possible expense that can arise from an accident, including defense attorney fees and general welfare expenses. One mistake could ruin your life. It’s better to be safe with an umbrella policy than vulnerable without it.
Articles contained here are not intended to provide legal advice, only providing general information. We encourage individuals to consult with an attorney regarding individual circumstances.
