With the busy holiday season fast approaching, it’s likely that the foot traffic in your home will increase with things like holiday parties, package deliveries, and even trick-or-treating. With this increased traffic comes an increased risk that someone could get injured on your property. Liability on your homeowner’s policy (and on your auto policy if you’re found at fault in an accident) is the first line of defense to protect you and your assets for many of the things someone might try to sue for.
Unfortunately, sometimes that protection is not enough. In order to protect ALL of your assets (including but not limited to homes, rental properties, watercrafts, airplanes, vacant land and automobiles), many people opt to carry an umbrella insurance policy.
An umbrella policy provides additional liability protection and is your second line of defense to protect you beyond what your homeowner and automobile liability insurance provides. Most umbrella policies range from $1 million to $5 million and they are typically linked to your auto insurance, which generally offers a small discount.
Umbrella policies offer extra protection and we’d be happy to discuss the benefits in more detail. If you’re unsure as to how much additional liability protection you may need, we suggest you speak with your financial advisor.