Do I need a personal umbrella policy?
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Do I need an umbrella policy?

personal umbrella policy

Before you can determine whether you need a personal umbrella policy, it’s important to understand exactly what umbrella coverage is and how it works.

What is umbrella insurance?

Personal umbrella insurance is extra liability insurance designed to help protect you from claims and lawsuits beyond your standard policy limits. It also covers claims that may not be covered under your other liability policies, such as false arrest, imprisonment or slander. 

Here’s how it works:

If a guest in your home falls down a flight of stairs and is seriously injured, you may be liable for the medical costs, plus a lawsuit if you are sued as a result of the accident. Your personal liability insurance will cover these costs up to your policy limits, but if the medical bills and legal fees are greater than your coverage limit, you are then responsible for paying that amount out of pocket. However, if you have personal umbrella insurance, it will kick in and cover the extra payments.

While you may not believe your particular lifestyle warrants additional coverage, the truth is, you just never know when a significant accident or situation could arise. If you find yourself in the middle of a lawsuit, your savings, assets, and even retirement funds could be at risk. Knowing you have the coverage and protection you need to avoid a future of financial headaches could be well worth it. 

Benefits of personal umbrella insurance

Now that you’ve had a refresher on what umbrella insurance is and how it works, you may find that having supplemental protection is the right fit for you. Here are some other advantages:

For more information about personal umbrella insurance, and to find out the right level of coverage for you, speak with a Nationwide agent today by calling 1-877-On Your Side (1-877-669-6877).

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