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Every year in the United States there are court cases that involve personal lawsuits against people for various reasons. In some cases the lawsuit will involve some kind of insurance payout or involvement. If you are concerned about the possibility of being sued as a result of an accident or liability claim, then you may want to consider a personal umbrella insurance policy.
The Importance of Having an Umbrella Policy
- An umbrella policy, also known as a PELP policy, extends the coverage of insurance policies already owned by the individual.
- Your current policies will only pay up to the limits that are set and once they are maxed out the umbrella policy will pay out the rest of the claim.
- Without an umbrella policy you will have to pay the difference of the judgment and what the insurance company will cover. In some cases the amount you are stuck with can cause a lot of financial hardship.
- An umbrella policy does not cost a lot of money to buy. For as little as a few dollars per day you can have the added protection of a PELP policy.
- A PELP policy will not only protect you but it will also cover any drivers and people living in your home. It also extends to your home policy, car policies and any other insurance products that you may own.
If you live in the Albertville, Minnesota area and are considering buying an umbrella policy, then there are some things that you may be asking questions about. As your independent agent we can help put your mind at ease about the importance of an umbrella policy. Give us a call today and let us help you get a policy that is right for you.