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Buying insurance helps protect you and your family from risks that can come unexpectedly. Unfortunately, there are situations that can simply rain on your parade, but what better way to protect yourself than having personal umbrella insurance?

Personal umbrella insurance, also referred to as umbrella insurance, is a separate insurance policy designed to include additional liability coverage over and above another insurance policy like a home or auto policy. An umbrella insurance policy is only used when you’ve reached your liability limits on your main policies. In addition, it will provide protection for your assets against certain lawsuits and covers your legal expenses, while in preparation for your legal defense and from large and potentially overwhelming liability claims.

An example of when an umbrella insurance policy is needed is if you’ve been involved in a car accident that results in serious injuries to the other driver and they are unable to return to work. They’ve decided to sue you for $1.5 million for medical bills and lost wages, but your car insurance liability limit only covers $1 million. Since there is an additional $500,000.00, your umbrella policy will cover the remaining amount. Therefore, if you didn’t have an umbrella insurance policy, you would still need to find a way to pay the remaining $500,000.00, on top of paying for the legal expenses.

By buying an umbrella insurance policy, you will receive these standard coverages below:

Bodily Injury: Provides coverage for the medical expenses and lost income of another person or people that you’ve injured.
Personal injury: Provides coverage for yourself when you’ve been injured, as well as loss of income.
Property Damage: Provides coverage for the cost of repairing or replacing another person’s property.
Landlord Liability: Provides coverage if you’re found legally responsible for someone who has been injured on your rental property or if you are required to pay for the damage done to someone else’s property.

When you purchase umbrella insurance with Oracle RMS, you will be personally assigned to a licensed broker who is more than happy to answer any questions that you may have regarding umbrella insurance. You may also want to discuss with them about adding your existing insurance coverage with a liability umbrella policy if you are the following:

Home, condo, cottage, rental property, boat or snowmobile owner

Active member in your community
Recurring traveler, even for short business trips
Volunteer or a director of a non-profit organization
Volunteer for school field trips or carpool your children’s friends

All in all, if you are ideally any of the following mentioned above, it’s essential to have an umbrella insurance policy to make sure you are protected for everything you’ve worked so hard for!

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