Umbrella Insurance in Pennsylvania
Asset Planning Insurance Group, LLC's Umbrella Insurance
Umbrella policies might sound like they'd insure your rain gear, but they cover you on the rainy day of a lawsuit related to an incident at your home or an accident involving your car or boat. They provide additional liability coverage on top of your auto or home insurance policy and can be used to stabilize business-related incidents as well.
Asset Planning Insurance Group, LLC of Johnstown PA agrees with Kiplinger's assessment that each household should carry at least a $1 million umbrella policy to protect them in case of a lawsuit. Even if your assets don't come to $1 million, you need the coverage. Legal judgments apply to current assets and future earnings, so without enough liability insurance, you'll have to pay out-of-pocket for years to come. Umbrella policies also cover defense costs.
You need a larger umbrella policy if you own more than $1 million in assets or if you make more than $100,000 annually. Your liability limit should match your net worth. If you own rental property, a policy with $3 to $5 million is not excessive. You'll need between $300,000 to $500,000 in auto and home liability coverage before you can add an umbrella policy.
Imagine the child of one of your Pennsylvania neighbors hurts himself on the trampoline in your backyard. You have the liability coverage in place to protect against a lawsuit and provide for the child's medical care.
Your business may suffer liability issues because of your product with customers, or you could face potential advertising issues that result in lawsuits. Umbrella insurance can protect your business from these loose ends and pay the court fees you may face in these legal situations. An umbrella policy protects you past the limits of your standard policy.
Come by Asset Planning Insurance Group, LLC in Johnstown PA to talk about insuring your home and automobile with an umbrella policy. It can protect you from a rainy day no matter when in Pennsylvania you live.