An encouraging study by the American Insurance Association (AIA) in 2013 showed that over 87% of household owners have liability insurance coverage. This kind of coverage is provided by either your auto insurance provider or as part of your home policy to protect your assets.
While this is encouraging, further research by National Association of Insurance and Financial Advisors® (NAIFA) among other bodies shows this type of coverage falls short where the total insurance coverage is not sufficient. In such a situation your family home, vehicle and other valuables will be at risk which can be devastating.
This is where personal umbrella insurance comes in handy. To appreciate fully why the reason a personal umbrella policy (PUP) is so important, it is imperative to understand what it entails. In the simplest definition by the Group Underwriters Association of America (GUAA), this is a policy that provides more liability coverage than what your auto and home coverage currently cover.
Personal Umbrella Insurance provides coverage above and beyond your automobile and homeowner policy to offset any damages that are above the limit on these policies. In essence, it kicks into action right where all your other liability coverage limits leave off.
However, that’s not all, your auto and home policies might not have specific coverages for unique damages such as libel and slander. PUP comes in handy to offer the needed extra coverage.
To drive the point home, consider a situation where you have a liability coverage limit of $200,000. This might appear like a fool-proof policy but what if the damages come to $350,000? Your assets including your home would be at stake but with our Personal Umbrella Insurance, this situation will not arise because you have extra coverage.
According to AIA, this is the most common type of liability claim in court. Under our PUP policies, we will ensure you have coverage for damage costs of injuries to another party including:
This is also a common occurrence, and without the right coverage, it can devastate you financially. Our property damage policies ensure the coverage of any damage caused by your vehicle in an accident or even by your property to your neighbor’s.
With society becoming more litigious, we offer a platform where you can get comprehensive PUP packages to protect you against any claims by your tenants. These include costs of liability claims resulting from a tenant’s dogs, a slip and fall on your property, and other situations.
Life is full of surprises and especially with a more informed contemporary society, you can get hit with libel, slander, shock/mental anguish, malicious protection suits and many more.
Contact D’Agostino Agency Insurance for a customized PUP quote. You have an assurance of the best rates in the market for a personalized umbrella policy offer to ensure you always have protection.