Do Renters Need Personal Umbrella Insurance?
As a renter, you may not own your home, but that won’t prevent a person from suing you if there is an unexpected event or an accident. Insurers offer personal umbrella policies for protecting you against claims of liability. Without personal umbrella insurance, your income is at risk for garnishment should a judge find you liable for any injuries or damages.
What is Personal Umbrella Insurance?
A personal umbrella policy from Brock and Poole Insurance Agency provides liability protection that extends limitations of your property or auto insurance policies. As an example, what if you get involved in an automobile accident and found guilty for causing the injury of the other driver suing you for expensive medical costs? If your insurance cannot cover the judgment against you, a portion of your wages or business income could get garnished or your personal assets could get seized to compensate. With umbrella insurance, however, the policy could cover any legal or court expenses, besides the judgment, up to its limit.
Before you can get personal umbrella insurance in Collierville, TN, it is mandatory to have existing renters or auto policy with specific liability limits. A personal umbrella policy can take care of any additional liability expenses, up to its policy limits, when the limits of your property or auto liability policy get exhausted.
Who Should Get Coverage?
People in Collierville, TN who have personal assets which need protection and also individuals who enjoy risky hobbies, such as hunting or boating should consider buying coverage. However, just about anyone can benefit from purchasing umbrella insurance. Particularly, if you are a renter who would find it a challenge to manage with only a partial income, should your wages get garnished to fulfill a claim against you, a personal umbrella policy could be beneficial.
If you need more information or have a question, you’d like an agent to answer, contact Brock and Poole Insurance Agency today.