What is a Michigan Personal Umbrella Policy
A Michigan Personal liability Umbrella will protect you from significant claims and lawsuits. A Michigan Liability umbrella will be essential after the new laws from the Auto reform take effect, July 1, 2020, when the auto reform starts. People who choose lower medical limits will only have the option of suing the at-fault driver when their medical benefits run out. Having additional protection can further protect your assets.
These days people are filing more lawsuits, not just against big corporations, but also against people like you and me. At any time, you could be involved in a car or boating accident, or have someone become injured on your property. These accidents could result in litigation against you seeking thousands or even millions of dollars.
Your primary insurance policies, such as Auto, Homeowners, Boat owners, may provide some liability insurance coverage. The liability coverage provided may not be enough to protect your assets from a lawsuit. A Personal Liability Umbrella Policy provides additional amounts of liability coverage at an affordable price.
What is a Michigan personal liability umbrella policy?
A Personal Liability Umbrella Policy provides additional layers of liability coverage over the liability coverage of your underlying policies. Personal umbrella coverage amounts typically begin at one million dollars of coverage.
Here’s an example of how an umbrella policy could work: Let’s say your car’s insurance limits of $250,000 per person. You pull into an intersection, striking another vehicle and severely injure the other driver. This insured person sues you, and the judgment against you totals $800,000. Your auto policy will pay the first $250,000, but an umbrella policy would respond for the next $550,000.
Also, an umbrella policy insures against types of losses for which there is no coverage in the underlying policy. Examples of such damage include libel, slander, and defamation of character.
Why do you need a Michigan personal liability umbrella policy?
The value of a personal liability umbrella policy is to provide higher amounts of liability coverage for an affordable premium. It can help protect the financial assets of your household when you need it most and can bring confidence, knowing that you have the coverage required to help protect your family.
Protect your Michigan assets against lawsuits, get a Michigan Liability insurance quote to see what liability coverage would be right to protect you and your family.