Umbrella insurance is designed to provide liability coverage once your regular automobile or homeowners insurance is exhausted. Despite being one of the most affordable types of insurance available, millions of Americans fail to take advantage of a personal umbrella policy due to the mistaken belief that they aren't at risk. The reality couldn't be farther from the truth. Here is a brief personal protection survival guide to shed some light on the real risk:
- Right doesn't mean zero risk. Frivolous lawsuits constantly make headlines in the media and the cost of defending a lawsuit itself can often bring financial hardship to a household even if you "win."
- Accidents happen. Even the most cautious and conscientious drivers and homeowners may experience an accident. Make sure you have the coverage you need to protect your financial future.
- Lawsuits can be expensive. The time and cost involved in a lawsuit has grown exponentially in recent years. Once your insurance coverage is exhausted, you are left to fend for yourself against the remaining claims. If you are eligible, an umbrella insurance policy could provide you extra protection from libel, slander, or other lawsuits.
Speak to your GEICO representative about a personal umbrella policy to make sure your rights are represented in the event of a frivolous lawsuit or unfortunate accident.