Umbrella insurance policies give you that little extra assurance by reducing risk & protecting your assets with increased coverage.
This policy provides funds to cover the costs that may be incurred from being sued; due to events that are not covered under your home or property insurance, or that exceed the limits of the coverage you have.
You have $500,000 liability coverage.
It’s a beautiful July evening, you have a get together at your house. Your son, with several other teenagers, decide to take your car on a joy ride. The roads were slick from a rain, and your unlicensed son has no experience on the wet streets. He brakes, starts to slide, cranks on the wheel, he swerves to avoid hitting a parked car, loses control completely, and drives through the wall of a small restaurant. Several of the customers and staff are injured, when the car causes the ceiling to let go. You are financially responsible for this tragedy.