If you own a home, have a retirement account, or are building a successful career, you are a target. In today's litigious society, a split-second mistake on the highway can lead to a multi-million dollar lawsuit.
Most standard auto insurance policies cap their bodily injury liability limits at $250,000 or $500,000. But what happens if you cause an accident involving a surgeon who can no longer perform operations? The medical bills and lost future wages could easily exceed $2,000,000.
If a judge awards the victim $2,000,000, and your auto policy maxes out at $500,000, you are personally on the hook for the remaining $1.5 million. The courts can garnish your wages, liquidate your savings, and seize your assets.
A Personal Umbrella policy sits exactly where it sounds—over the top of your existing auto and home insurance limits. It provides an extra layer of liability protection, typically in increments of $1 Million.
Surprisingly, no. Because Umbrella policies only trigger in catastrophic, worst-case scenarios, the premiums are incredibly cost-effective. A standard $1,000,000 Umbrella policy often costs less than $1 a day.
It is, pound for pound, the cheapest and most vital asset protection tool available in the financial market.
If your net worth is higher than your auto liability limits, your wealth is exposed. Let's fix that.
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