4 hours ago
An umbrella insurance policy provides additional liability coverage over and above coverage you carry on your personal insurance policies covering cars, homes, boats, etc. Most of these basic policies only provide lawsuit coverage of $300,000 or $500,000 per accident. Yet, if you injure someone seriously, you can blow those limits just in medical bills and/or lost wages. If a judgment is rendered against you for more than your coverage, you will end up paying any excess amount out of your assets and/or future income.
Who Needs an Umbrella?
I believe everyone needs one, particularly those who have current significant assets or income, good future income potential (i.e., law or medical students), or anyone who stands to inherit a future sizable estate. Basically, if you're considered in America's middle class or above, you should have an umbrella policy with at least $1 million limits.
What Is the Cost?
Depends on the limit you select
How Much Coverage Is Recommended?
You should have at least $1 million of coverage. Every person has a different financial portfolio therefor recommendations are unique to each person.
What Are the Primary Policy Requirements?
Your underlying automobile, home, boat, recreational vehicle, etc., liability limits need to meet certain minimum requirements—typically $300,000 or $500,000 per claim.
Can You Be Turned Down for Coverage?
Please contact me for a consultation.
planwithmike insurance losangeles pasadena Altadena Glendale marinadelrey santamonica dtla dtla_everyday oldtownpasadena brickell brickellcondos homeinsurance southpasadena ventura mortgage lender realtor livework rentalproperty fitfam theagencyre compassla intero lacanada laCrescenta businessowner entrepreneur vegasliving