Million dollar safety umbrella liability insurance revealed
Why Consider a Million Dollar Policy?
Choosing a million dollar umbrella policy provides a substantial safety net, especially for those with considerable assets or high-risk profiles. The cost of such a policy is often surprisingly affordable, with average premiums ranging from $150 to $300 annually for a million dollars of coverage1. This relatively low cost for such extensive coverage makes it an attractive option for many.
Real-World Applications and Benefits
Consider a scenario where a homeowner is sued for a guest's injury on their property. If the lawsuit results in a judgment of $1.5 million but the homeowner's insurance only covers $500,000, the remaining $1 million could be covered by the umbrella policy. This not only protects personal savings and assets but also provides peace of mind knowing that one's financial stability is secured.