Why Personal Liability Umbrella Coverage?
Personal Liability Umbrella coverage is essential in protecting your assets should you find yourself liable for claims in excess of regular homeowners, auto, or watercraft policy coverage.
It is an extremely affordable way to get significant extra liability coverage. Many people ask, “Do I really need extra liability coverage?”. The short answer is yes.
What you really must consider is, are you at risk of being sued. In a world where anyone can bring suit against you for any reason, personal liability umbrella coverage provides much needed security in an unpredictable world.
Real Life Situations
Most people’s knee-jerk reaction is, “that would never happen to me.” Liability Umbrella coverage exists for the “but what if it did” moments.
Below are some real-life examples of when Personal Liability Umbrella coverage has protected an insured’s assets. If these moments didn’t exist, then neither would Personal Liability Umbrella coverage.
What's at Risk Without Adequate Coverage?
So, what happens if you are found liable in a situation, and you don’t have a Personal Liability Insurance policy? Many people believe that, in Texas, there are laws that protect them from hardship caused by a situation like this. In reality, the only protection offered under state law, prevents a person from losing their primary residence and provides that they must retain one vehicle for the purpose of transportation to and from employment. However, a lien can be placed on these assets so that any money received from the sale of these assets would go to satisfy payment of a settlement.
Any savings or investment accounts can be liquidated for the payment of settlement as well as any future gains, i.e. income tax refunds, lottery winnings, and income such as bonuses that are above and beyond regular income. With all that is at stake in a world where so many things are out of our immediate control, it just makes sense to have the added coverage, especially when it can be purchased for as little as a few hundred dollars per year in some cases.
If you would like more information about Personal Liability Umbrella coverage or if you would like to request a complimentary, no obligation quote for coverage,
please contact Energy Capital Insurance at 832-604-2160 or click the button at the end of this article.
Energy Capital Insurance Works with National Carriers Including