Personal Umbrella Insurance
Secure Additional Liability Protection with Umbrella Insurance in NH
In today’s litigious society, it’s impossible to predict when someone might file a lawsuit, and considering the costs associated with legal action, your standard home and auto insurance may not provide enough coverage to protect you in these situations. Just as you use an umbrella over your head to cover yourself from the rain, an umbrella insurance policy hovers over your standard home and auto insurance policies to cover you with additional liability protection.
For instance, suppose that you rent a jet ski while vacationing in Florida and collide with another tourist on the water, severely injuring his/her leg. Since the jet ski was rented, your homeowners insurance likely would not cover the claim. However, even if you did have coverage under your home insurance policy, the liability limit would likely not prove sufficient in covering the costs of the resulting medical bills, lost wages, and possible lawsuit. Without an umbrella insurance policy to help you cover these expenses, you could be left dealing with a financial disaster.
So, how do you know if you need umbrella insurance in NH? Although it is a wise investment for any homeowner, it can prove especially valuable for you if you own property and have investments and other assets that are worth more than the liability limits under your home and auto insurance policies. If you have liability limits of $150,000 on both of these policies, but own a home and assets worth $500,000 for instance, you should consider investing in umbrella insurance to fully protect your valuables. In the event of a lawsuit, umbrella insurance will start to pay after the limit on another policy has been exhausted, or if the other policy won’t cover the claim in the first place.
You may also hear umbrella insurance referred to as “excess liability coverage,” which does not mean more coverage than you need. Instead, “excess” in this phrase simply means more coverage than you currently have, and when it comes to protecting your property and meaningful possessions from a lawsuit, it can be argued that there is truly no such thing as too much coverage.
Five Reasons to Secure Umbrella Insurance in NH
- Umbrella insurance is affordable. Although every company’s rates vary, you can typically add at least $1 million worth of coverage to your car and home insurance for just a few hundred dollars per year.
- Coverage applies worldwide, so if you travel to a foreign country you can relax knowing you are still protected.
- Compared to a standard home insurance policy, umbrella insurance protects against a broader list of personal injury situations, including slander, libel, invasion of privacy and accusations of humiliation or intentional infliction of emotional distress, like bullying.
- Coverage can also extend to people you hire like a nanny, housekeeper or gardener, in the event that they are injured in a car accident while running errands for you, for instance.
- Securing umbrella insurance proves that you are aware of the risks the everyday life poses, and that you have taken precautions to protect yourself.
When it comes to investing in umbrella insurance in NH and determining how much you need, our agents are here to help. At Knapton, Reade & Woods in Hillsborough, NH, we will review the amount of liability insurance you currently have, along with the value of your assets to help you determine the appropriate amount of coverage for your needs. In addition to Hillsboro, we can help you secure umbrella insurance in Weare, Hopkinton, Henniker, Deering, Bennington, Washington, Windsor, Antrim, and all of New Hampshire. To get a free quote for personal umbrella insurance in NH, please call us today at 603-464-3422 or submit our online quote request form.