Do I need Umbrella Insurance
Simply put, umbrella insurance is liability coverage that extends above and beyond the limits you currently carry on your Auto and Home Policies. I have seen in many cases where the umbrella coverage can be very important in protecting your assets. An example would be a young driver within your household. They are carrying all of your assets in the trunk of your car. In Tennessee, an at fault state, if they were to have an accident and it was their fault and if the limits of liability were met on the auto policy, then the umbrella would kick in for the difference. It does not take a lot to meet the limits. A broken collar bone or missed time from work and we are into the hundreds of thousands of dollars. Another good reason to have an umbrella is if you have pets and parties. Remember an umbrella is anything you are liable to pay in a lawsuit. Dogbites and injuries at your house are more common than you think. So bottom line is if you have assets and a risk of liability, then an umbrella is a very important part of protecting your future.