Personal Liability Insurance
In the Temecula, Murrieta, Menifee Area
Personal Insurance is also known as Umbrella Insurance, Personal Liability Insurance, or just Liability Insurance. Then there is General Liability Insurance for businesses sometimes referred to as Liability Insurance. For the purposes of this article, Personal Insurance pertains to Insurance Coverage for possible liabilities not covered by an individual’s renter’s, home, and/or auto insurance policies.
Do You Even Need Personal Liability Insurance?
You Decide: Personal liability insurance covers your cash and possessions against litigation or just claims against you, by causing you to have to pay off claims in order to compensate for losses in the event you damage another individual or their property. Personal Insurance is really quite different from renters insurance, home insurance, or auto policy coverages.
The good news: If you have an auto, renter’s, or homeowner’s policy, you actually have some liability insurance protection.
Normally, the liability insurance coverage that goes along with these insurance policies is very minimal. That’s the reason why you ought to consider an umbrella insurance policy (which is a different term for personal liability insurance).
Umbrella Insurance Policies
Umbrella insurance policies can deliver extra insurance coverage of $1 million or more. These kinds of coverage’s payout when your basic coverage quits paying. Simply put, the insurance provider that sold you the umbrella insurance policy only has to pay insurance claims if those claims exceed your standard coverage.
How likely is it that you will need a Personal Umbrella Policy?
Let’s say somebody has taken legal action against you that fell just walking out your back door onto your patio and broke their arm. And for argument’s sake, let’s say they file suit and get a judgment against you for one million dollars! Thankfully, you were smart enough to get some good advice from an Independent Insurance Professional. You have the appropriate Personal Insurance protection for situations just such as this, so you will not even have to think about forfeiting all the money you’ve saved for retirement.
An Umbrella Can Cover More Than Standard Policies Can’t
Example Scenario 1 (Could This Be You?):
Let’s say you have a standard homeowner’s insurance policy that pays for this liability but only as much as $500,000 (for this scenario). In this scenario, the umbrella policy covers you for the $500,000 the standard policy doesn’t.
Providing More Coverage for Less
The chances of you of being sued for a dollar amount exceeding your standard policy coverage are even less.
Once again, this illustrates the low-cost price is one reason why you ought to have this type of Umbrella Policy coverage.
Besides Personal Umbrella Insurance being low cost, it’s portable!
Aside from being inexpensive, a great aspect of these types of policies is that they are portable. Regardless of where you are, you possess the insurance protection. Practically the only constraint is that it will not cover business liability even when you operate your business out of your home.
If you do run a business outside of your property, you might be in a position to purchase (add-on) insurance riders and/or supplementary protection based upon your own personal liability coverage, and that is more affordable than purchasing a local business liability insurance policy.
Do You Need a Personal Umbrella Insurance Policy to Cover Your Personal Liability Risk?
Example Scenario 2:
If you have young kids, you may need to have a policy because they have numerous friends. These little youngsters might get involved in a bit of misbehavior and injure themselves at your residential property. If so, you’re at exposed to being sued.
Do you have folks over very often? Do you drive like a psycho or a Zen master? Do you have weapons on your properties? Do you have gardeners and housekeepers on the premises? All these are just a few of the justifications why you might just want to purchase a Personal Insurance Umbrella Policy.
Are you sure about what your Renters, Home, and Auto Insurance do NOT cover?
The way I see it, personal liability insurance is so low-cost, it makes sense to get this insurance protection. Do you own a Personal Insurance Umbrella Policy? If not, why not?
We serve all of Riverside County, including our neighbors in Temecula, Murrieta, Menifee, Wildomar, Corona, Fallbrook, Lake Elsinore, Canyon Lake, and San Marcos. Here are some of the more common types of personal insurance we cover:
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