Every home and auto insurance policy includes liability coverage, but what happens if you cause an accident that exceeds the limits? Or if a visitor slips on your stairs and suffers permanent, debilitating injuries? In these situations, you could be on the hook for any amount owed after the insurer pays their share, which could total hundreds of thousands of dollars. Umbrella liability insurance provides crucial protection, covering those costs for you and filling any gaps in your existing policies.

What Are the Benefits of Umbrella Liability Insurance?

1. Protecting Assets

Suppose you cause an auto accident in which another driver suffers serious back injuries that result in $150,000 in medical bills. If you only have the minimum liability coverage of $50,000 per person, the victim could sue you for the remaining $100,000. If they win, you could lose your house, savings, and any other assets you’ve collected over the years. Umbrella coverage will pay the excess liability for you, protecting the assets and wealth you’ve spent your life building.

2. Peace of Mind

Accidents happen every day, so at any moment a catastrophe might occur for which you could be held legally responsible. Your dog might get loose and bite someone, or a visitor can slip on an icy sidewalk in front of your house. With an umbrella insurance policy, you won’t have to worry about an unforeseen accident completely upending your life.

3. Low-Cost Coverage

Insurers know that accidents with extremely expensive injuries don’t happen very often, so the premiums are usually quite affordable. In some areas, you may be able to purchase millions of dollars in extra liability insurance for just a few hundred dollars per year. Considering the consequences of not having it, the low rates make umbrella coverage one of the best investments you can make.

If you’re looking for liability insurance options tailored to your budget, let the agents at Sweeney Insurance Agency provide the protection you need. They’ve been serving Kodiak, AK, and the surrounding areas for over 40 years, offering personalized service and policy recommendations tailored to your situation. Visit their website for more on their personal insurance options, get more tips and advice on Facebook, or call (907) 486-3101 to request a free quote today.