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house with umbrella over itMany people feel that having health, life, homeowners and auto insurance is already enough and that they don't need to add an umbrella insurance policy on top of it all. For people at low risk of being sued, that may be true. However, anyone can be involved in an accident and find themselves facing a hefty lawsuit. You may still be required to pay a substantial sum after your main policies have paid a claim on your behalf. Not having enough insurance coverage could wipe out your savings and investment accounts and leave you in a financial pickle. 

Unfortunately, you don't have to cause an accident to be sued. An umbrella policy provides coverage if a dependent child causes an accident using your car or personal watercraft. If you have rental property, you are also liable for injuries sustained by people who visit you, which can be covered by an umbrella policy. Additionally, this type of policy protects you in the event of personal injury lawsuits that arise due to slander, defamation of character, libel, detention or imprisonment, false arrest and malicious prosecution.

Limits of Umbrella Policies

An umbrella policy is considered personal coverage, which means that it won't protect you from lawsuits filed against your own business. However, some insurance providers offer commercial umbrella coverage that you can purchase on top of your commercial liability coverage.

How to Determine the Amount of Coverage You Need

You still run the risk of a substantial financial loss if you purchase an umbrella policy with inadequate coverage. Many insurance agents advise purchasing a policy that is at least double the total value of all your assets combined. This includes your house, cars, retirement and personal savings accounts, valuable jewelry or antiques and anything else worth a substantial amount of money. If you are unsure of the value of some items, consider having them professionally appraised. This ensures that you have the financial protection you need in case of a lawsuit or other serious threat to your well-being.

Protect your family’s interests. Call Texas Insurance Agency at (713) 675-2626 for more information on Houston umbrella insurance.
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