Personal Umbrella Insurance in Revere, MA

Various insurance policies are essential for safeguarding against potential losses and liabilities. However, even a comprehensive insurance portfolio might benefit from additional layers of protection, and exploring the advantages of personal umbrella insurance is crucial.

What Is Personal Umbrella Insurance?

Personal umbrella insurance, also known as umbrella liability insurance, can provide additional liability coverage beyond the limits of your existing policies, such as car or homeowners insurance. If you’re at fault for injuries or damage and your other policy limits aren’t high enough to cover the costs, an umbrella policy can help prevent you from paying out of pocket. It can also include coverage for situations not typically covered by your underlying policies, such as legal fees and damages related to slander or libel.

What Does Personal Umbrella Insurance Cover?

Personal umbrella insurance varies significantly among policyholders. It typically covers the following:

• Bodily injury—If you’re at fault for another party’s injury, this coverage may help cover the resulting medical bills, lost wages and funeral costs.
• Property damage—If you are liable for damaging someone else’s property, your insurance can help cover repair or replacement expenses.
• Personal and advertising injury— This coverage can offer financial support if you are sued for personal or advertising injury, such as libel, slander, invasion of privacy or defamation.
• Legal expenses—If a lawsuit is filed against you, a personal umbrella policy can help cover the costs of your legal defense.

When Should You Buy a Personal Umbrella Policy?

Umbrella insurance can offer added financial safeguards for unforeseen circumstances, bolstering your protection against potential liabilities. It is especially valuable if you have significant assets or engage in activities with higher liability risks. The following are some scenarios when you should consider buying personal umbrella insurance:

• After significant life changes such as marriage, purchasing a home or having children
• Upon acquiring new assets, such as a second home, expensive jewelry or art
• When adding a teen driver to your car insurance policy

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R.M. Cataldo Insurance Agency has been proudly serving our community since 1990. Contact us today to discover why clients trust us to elevate their financial protection.