Insurance Types - Property and Liability
When it comes to insurance, there are two primary types to consider: property insurance and liability insurance. Property insurance covers the replacement or repair of your physical assets in case of a loss or damage. Liability insurance offers financial protection in the event that you face a lawsuit, typically involving claims of bodily injury, property damage, or personal injury. Additionally, liability insurance covers the associated defense costs, regardless of the outcome of the allegation.

Assessing Your Personal Liability Risks
In considering your personal liability risks, it is important to consider unique factors beyond your net worth that can make you more or less susceptible to lawsuits. Several factors increase the likelihood of being named in a lawsuit, including having children, being well-known in the community, possessing a high net worth, earning above-average present or future income, owning personal watercraft or motorcycles, serving on non-profit boards, or having rental properties.

Enhanced Protection with Personal Umbrella Insurance
Homeowners and automobile insurance policies have limits on what they’ll pay you in a liability claim, and a personal umbrella liability policy provides an important extra layer of protection beyond the liability coverage provided in your other policies. Umbrella policies are typically available in increments of $1 million, starting from $1 million and going up to $5 million. Beyond $5 million, they can be purchased in $5 million increments, extending up to $100 million.

Tailoring Coverage to Your Needs
Every situation is different and it is important to align an umbrella policy’s limit to a client’s unique needs. We always have personalized conversations to determine the optimal coverage for your specific circumstances. Please connect with our team to schedule a convenient time to discuss your needs and finalize the details.