Your safety net for getting sued: All about umbrella insurance

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When you get sued and lose a lawsuit, you are liable to compensate the plaintiff with an enormous sum of money, which may sometimes exceed what your insurance covers. Having umbrella insurance assures you that, when sued for damages, you have enough cash at hand to cover it. This insurance form is relatively inexpensive and is offered by many insurance providers, from larger providers, like GEICO, to smaller ones, such as Don Bullard Insurance.

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CNNMoney notes that most people keep only the minimum of home or auto liability insurance required by the law. In the event that the costs of liability far outweigh your insurance coverage, then an umbrella insurance policy can come quite in handy. These policies are relatively inexpensive, with a $1 million coverage being available for about $500 monthly. However, it is important to know whether you really need an umbrella insurance policy and if the policy you are looking at is really affordable before actually getting it. This article provides more details for you to determine if you are in need of umbrella insurance.

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Few people would actually need umbrella insurance. Those that do are usually at risk due to a number of factors, which include owning a dog, having a pool, hosting a lot of guests, owning a small business, and having a teenage driver living at home. Those who have assets that are at risk, such as a house or vehicle, can also benefit from umbrella insurance.

This webpage provides more information on umbrella insurance.