Liability lawsuits can drain retirement savings, seize assets, and leave you in a financial hole you may never recover from. Whether it’s an auto accident or injury on your property, you want to be confident that you’re protected if you’re determined to be at fault. This is where umbrella insurance policies come into play. You’ll find all the benefits of securing a plan below.

Why Is Umbrella Insurance Beneficial? 

1. Ensures Savings Protection 

Sometimes, your auto insurance, homeowners insurance, and other plans won’t provide enough coverage if you’re facing a massive lawsuit. This means still being left to pay a huge sum. Umbrella insurance provides additional coverage so that your savings and assets aren’t seized.

2. Provides Legal Counsel 

Even if you win a lawsuit, you can be left to pay extensive legal fees. Umbrella insurance covers these costs so long as you choose an attorney and receive approval from your insurance provider. This plan will still cover legal expenses even if you lose the lawsuit.

3. Protects Family Members

Umbrella insurance plans cover the actions of you, your spouse, and your children in the case that you’re sued. Examples include being sued for an illegal incident at a party your teen hosted, your spouse being sued for damages in a car accident, or a family dog attacking a passerby. This saves you the trouble of purchasing multiple insurance plans to provide family-wide coverage.

4. Covers Liable Statements 

Umbrella insurance will also cover lawsuits placed against you for statements you made that were deemed liable or slanderous. It’s usually the only coverage option for defamation and can be helpful if you work in media, politics, or other public forums where you express strong opinions.

 

If you’re interested in securing umbrella insurance, contact Robert Rung Insurance of Lincoln, NE. This independent insurance agency provides comprehensive coverage packages that fulfill clients’ needs. They’ll carefully assess your goals and explore auto insurance, life insurance, health insurance, and more. Call (402) 483-2279 to schedule a consultation and connect on Facebook for more insights. You can begin exploring plans on their website.