No matter how careful you are, a lawsuit can happen at any time, and you can find yourself liable for serious injury, death, or property damage. Even if you aren’t found liable, the cost of defending yourself in court can still take a toll on your assets and savings. This is where umbrella insurance comes in. It can help provide an extra layer of protection over and above the auto, homeowners, or boat liability coverage you already have. It can help protect your current assets, such as your car and homes, and even your future ones, such as your future income, in the event you are responsible for damages.
What Does Umbrella Insurance Cover in Pennsylvania?
Umbrella insurance helps protect you from the financial disaster of a claim against you. The coverage will be limited by the amount you choose, but it provides protection for a plaintiff's medical bills, property damage, pain and suffering, lost wages, and legal and court fees. It offers extra insurance on top of your home and auto policies.
How Much Umbrella Insurance Do You Need in Pennsylvania?
Most umbrella policies start at $1 million in extra coverage. This is a good amount of coverage if you have a low risk of litigation. Umbrella coverage can become more economical as you increase the limits, so you may want to increase your limits if you have a higher risk of being sued. An agent at Bush Insurance can help you determine your risk. In order to determine how much you need, you can ask yourself some questions. How much do you make? Those with deeper pockets are more likely to get sued. How much will you make in the future? If you are in law school or the medical field, you have a high potential for making a good living. A lawsuit can jeopardize those future earnings. How much do you own? Any cars, houses, retirement accounts, savings, and land can be claimed in a lawsuit.
Contact Bush Insurance to get a quote on umbrella insurance.