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Umbrella insurance is also known as “excess liability” coverage and is a smart choice if you have a lot of assets you want to secure in the event of a lawsuit. This coverage may seem something that only the wealthy should pursue, but the truth is that life can be unpredictable and sometimes the worst can happen.

If you own property, have retirement savings, keep money in the bank or other assets that you want to preserve then you should strongly consider umbrella insurance. The Personal Umbrella Policy was designed to help protect you from major claims, lawsuits, a catastrophic event or judgment. This provides you with additional coverage that goes above and beyond to protect your assets and your future. It does this in 2 ways:

Umbrella insurance policy provides coverage for:

If you are thinking that auto and home insurance policies cover some of these situations, then it is true. But, with umbrella insurance, you will be insured above and beyond the limits of these policies and will cover some situations that are not covered by the other types of policy.

The different types of umbrella insurance policies are explained below:

1. Significant property damage: It covers the cost of loss or damage to another person’s property when your standard auto or home insurance liability may be exhausted.
   Examples :

   • Damages caused to another vehicle if you are at fault in an auto accident.
   • Damage claims when a fire at your condo spreads to other units.
   • Accidental damage to school property which is caused by your child.

2. Serious Bodily Injury Liability: It helps to pay for personal injuries caused by you or your family members. It includes the cost of medical bills and other costs when your homeowner’s insurance liability limit is insufficient. It can cover you for liability claims as a result of:

   • Injuries to another person due to a serious auto accident when you are at fault.
   • When a guest or your neighbor has been bitten by your dog.
   • Injuries related to a guest in your home due to a fall.
   • Injuries sustained by your neighbor’s child while playing in your yard.

3. Landlord Liability: It will protect you against liability that you may face as a landlord, due to an expensive suit filed by your tenant.
   Examples:

   • Someone sues you for damages when tripping over a crack in the sidewalk of your property.
   • If your tenant’s dog bites someone and you are being held responsible for the injuries.

4. False Arrest and Slander: It covers the cost of:

   • Lawsuits that could result from something that you have said or written about another person.
   • It protects you against wrongful eviction, false arrest, imprisonment, defamation or malicious prosecution.
   • It can help pay for attorney fees and other charges associated with lawsuits to regain your reputation and fight back in certain cases.

   The costs of these expenses can quickly add up to even hundreds of thousands of dollars.

5. Pain and suffering: It is one of the costliest liability expenses. It helps to cover the costs when you are sued for” pain and suffering”, for some sort of incident that you are found at-fault with. It is an additional cost outside the expenses and the person’s bill that relates to the psychological stress as a result of the incident.

It is an inexpensive way to help protect you and your assets from unexpected liability expenses. It adds an extra layer of protection and helps you to have the financial strength and protection that will go far when you need it.

By choosing Chacha Insurance you can get the coverage that you can count on. We will provide you with several quotes for umbrella coverage from various companies that will allow you to pick the best one suited to your lifestyle and financial needs.

Looking for umbrella insurance? Click the following link to find the right coverage at affordable rates.