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ADDITIONAL LIABILITY COVERAGE IS IMPORTANT |
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Would I be covered under my homeowners policy if I am sued by someone who
was seriously injured on my property? Your homeowners policy will protect you, but only up to the liability limits of your policy. In today's lawsuit-oriented society, your homeowners policy may not provide adequate liability coverage in the event you are involved in a significant lawsuit. What about my automobile policy? Similarly, your automobile policy provides coverage in the event of a vehicle-related lawsuit, up to the limits of the policy.
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What would happen if I was held liable for a settlement that exceeded the
limits of my insurance coverage? You would be held personally responsible for paying any portion of the settlement that your insurance company did not pay. Your present assets-your home, your savings account, your car and any other assets you might have-as well as your future earnings could be taken from you to pay the settlement. How can I protect myself? Purchase a personal umbrella policy. Umbrella policies are inexpensive, and they provide broad coverage. An umbrella policy-also known as a policy catastrophe or excess liability policy-provides liability coverage that becomes effective when your underlying coverage limits(provided by your automobile, homeowners, boat or recreational vehicle policy) are exceeded. These policies provide broad coverage and include protection against certain losses not covered by other insurance policies. Umbrella policies are a good investment - an investment in your present and future financial security. |
Your professional agent, at The Nacarrato Insurance Agency wants youto know about the insurance you are buying. Call us at (845) 246-7134 and we can set up anappointment for you to discuss your needs for additonal liability insurance.
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