Personal Umbrella Insurance in Vermont

Personal Umbrella Insurance for Vermont Residents

You’ve protected your home, auto, watercraft, and recreational vehicles with comprehensive insurance policies – but is it enough? In today’s litigious society, many insurance experts are recommending that most consumers in Vermont and around the country invest in a personal umbrella insurance policy. No longer just for the wealthy, a personal umbrella policy extends your liability coverage far beyond the limits of other standard personal policies.

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Many car insurance and homeowners insurance policies have a liability limit around $300,000. While this is enough for many situations, some accidents will far exceed this amount, leaving you responsible for the other costs out of pocket. If you are sued and ordered to pay $1 million or more, how will that affect your personal finances? With a Vermont umbrella policy, you can be covered up to $1 million or $5 million, depending on your specific policy.

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Our Personal Umbrella Insurance Policies Have Your Back

Personal umbrella insurance policies pick up where your other insurance policies leave off. If you are the cause of a multi-car accident with injuries ranging from scrapes and bruises all the way up to permanent paralysis, you may be sued for not only medical bills, but damages including lost salary. Your Vermont auto policy should help to pay up to your policy limits, but you may still have extensive and long-lasting payments to make.

With an umbrella policy, your costs can be better covered. Once your other insurance liability has reached its maximum, the umbrella policy will help to pay out up to its higher policy limits. This allows you to be covered for most situations you find yourself in. Your umbrella policy will help to pay on any liability claim that is covered by other insurance, and some situations that are not. Legal fees, if you are sued, are also usually able to be paid under the umbrella coverage.

Costs of a Personal Umbrella Policy

Even with an umbrella policy that can extend your liability limits up to $5 million, it is a fairly cost-effective policy. Premiums for umbrella policies are typically very affordable, especially when you consider the benefits you are receiving. Purchasing an umbrella policy will almost always provide more coverage at a lower cost than increasing the liability limits on your other policies.

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To get the most out of your personal umbrella policy you must consider the deductible on the policy as well as the limits on your other policies. You will get maximum benefit when the deductible on your umbrella policy is similar to the limits on your other policies; i.e. if your homeowner’s policy limit is $300,000, your umbrella deductible will ideally also be $300,000, leaving you with only your homeowners deductible to pay.

Today’s society is very litigious, and health care is expensive. If someone is injured on your property due to an accident you may have caused, you could find yourself facing legal fees, court costs, and paying damages and medical expenses. Many Vermont citizens cannot afford this type of expense. With personal umbrella coverage you can extend your liability coverage significantly while keeping your costs low. Be better prepared for the unexpected by talking to your agent about umbrella insurance in addition to your Vermont car insurance and homeowners policies. 

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