What an umbrella policy can do for you.
Protecting your family and things is a top priority, which is why you, and millions of others, have some type of insurance. Should you find yourself in a predicament where your insurance is not enough, what are you to do? This is when an umbrella insurance policy could help cover you and save you, potentially, millions of dollars.
Personal Umbrella Insurance (PUP)
A PUP is a kind of insurance which provides coverage above and beyond your current homeowners and auto insurance policies. If the damages of a car accident or home incident are more than your respective policies cover, this is where the umbrella insurance kicks in to cover the rest.
How it works
Here’s an example of how it works: Let’s say you’re at fault in a car accident that injures another driver. Your insurance will cover the other driver to the limit you selected. What should happen if that limit is not enough to cover the full extent of the damages?
If the damages are severe, they’ll most likely sue you. This could possible be a small amount, but what if the injured were a high-paying individual, and they had their family with them? Now, you’re facing a lawsuit of over $1.5 million dollars.
An umbrella policy will cover everything, up to the limit you chose.
Having the right umbrella insurance policy can help to keep your expenses covered in case of any costs that lie outside of your home or auto insurance. Contact the independent insurance professionals at Fox Insurance Agency in Beaverton for all of your homeowners insurance needs.