A recent survey discovered the vast majority of people have not taken necessary precautions to protect their home equity, retirement savings, college savings, and/or personal savings. The survey found that out of the 86 percent that were concerned with protecting these assets, only 13 percent had taken the simple step of purchasing an umbrella liability insurance policy. The survey was commissioned by the Hanover Insurance Group, Inc.
An umbrella liability insurance policy could provide coverage of $1 million or more for protection from unforeseen claims or suits filed against the policy holder for such things as personal injury, libel, slander, invasion of privacy, malicious prosecution, and defamation of character or discrimination.
Most homeowners carry liability insurance through their homeowner’s policy or their automobile policy. However, these coverages are often not enough protection for their assets if a personal injury award is handed down against them in court.
A typical personal umbrella liability policy generally costs less than $300 annually for an average family with two cars and a home. This policy can provide coverage for defense costs in a lawsuit, protect against settlements that could take away a person’s accumulated wealth or savings or garnish their wages, and cover the policyholder no matter where they are. A small annual fee can go a long way in protecting assets.
If you're being proactive in making the right coverage choices for you and your loved ones, you probably want to learn about MedPay.