Personal Umbrella Insurance is crucial to your financial protection

What would happen to your world if you were found to be negligent or liable for someone else’s injuries or death. Would your assets be exposed?

Personal Umbrella Insurance is liability insurance that sits on top underlying policies such as home and auto. In the event that the liability limits on those policies are exceeded, the umbrella would be activated to provide additional coverage. In fact, without a personal umbrella liability insurance policy, any expenses beyond the limits of your standard policy are your responsibility. This applies to your homeowners, renters, automobile and watercraft insurance policies.

No matter how careful you are, life happens and you need to be prepared. A personal umbrella policy from Magnolia Insurance Group can provide you with the valuable coverage you need to safeguard your family’s assets.

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An Umbrella Insurance example

To help you better understand how an umbrella policy can protect your assets, think about this real-life scenario.

Let’s suppose your are found liable for an accident where the bodily injury and property damage totaled $775,000. Your auto limits are currently $300,000 per accident. You’re on the hook for the remaining $475,000. What do you let go of first? Your home? Your retirement account? Remember, your wages can also be garnished well into the future.

A Personal umbrella policy from Magnolia Insurance would extend the coverage for your auto limits and provide the additional money to keep you from having to come up with it.

How Much Does an Umbrella Cost?

Perhaps the best part about this coverage is that it’s so affordable. I’ts some of the least expensive insurance with $1 million in coverage starting around $175 per year depending on your underlying limits, how many autos and property, and the carrier you choose.

Who Needs an Umbrella Liability Policy?

At Magnolia Insurance Group, we recommend that everyone consider carrying an umbrella policy. If you engage in a high-risk activity or hobby that increases your odds of getting sued—such as having a teenage driver, owning a swimming pool or entertaining frequently—it is wise to supplement your insurance with a personal umbrella liability policy.

How Do I Get Started?

We make the process of selecting the right coverage and finding the best premium easy. You can click here to enter as much info as you know (or are comfortable with) or give us a call in Greenville, SC at 864.448.0392 or in Nashville at 615.988.9585.

Personal Insurance