You've seen the late night infomercials and the giant billboards along Highway 95 through Bangor, Maine: Attorneys with big grins and catchy names, all claiming to secure you millions if someone injures you or damages your property. But what if you are the target of these high-priced lawsuits? You may want to purchase an umbrella insurance policy and stay out of the rain. Before you search for umbrella insurance policy quotes, however, find out what type of coverage is right for you.
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What Is Umbrella Insurance?
Most Maine insurance companies offer umbrella policies as extra liability insurance. This insurance helps protect you from major claims and lawsuits, and, as a result, it helps protect your assets and your future. It does this in two ways:
- Umbrella insurance provides extra insurance coverage above the limits of your homeowners, auto and boat insurance policies. This protection takes over when the liability limits on these other policies are exhausted.
- Umbrella insurance provides coverage for claims that other liability policies may exclude, including false arrest, libel, slander and liability coverage on rental units you own.
Don't Only the Wealthy Need Umbrella Insurance?
An umbrella insurance policy not only protects your existing personal assets. It protects your future. Lawyers will go after wages, your inheritance and that winning Maine State Lottery ticket you're planning to buy in the event you are liable for an injury or property damage. If you were to lose such a lawsuit, you would likely have to pay the winning party for costs such as medical expenses and lost wages, which would quickly become very expensive.
You don't have to be wealthy to need an umbrella policy. In fact, only the wealthy could afford to pay for a claimant's $500,000 medical treatment when the homeowners liability limit is $300,000.
An umbrella policy picks up where your auto and homeowners insurance policies leave off so you don't have to pay the difference out of pocket.
What Does Umbrella Insurance Cover?
Umbrella insurance provides coverage for injuries, damage to property, certain lawsuits and other personal liability situations:
- Bodily Injury Liability: This insurance covers the cost of damage to another person's body. Examples include the cost of medical bills and/or liability claims as a result of the following:
- Injuries to other parties due to a serious vehicle accident where you are at fault
- Harm caused by your dog or cat
- Injuries sustained by a guest in your Maine home due to a fall
- Injuries sustained by a neighbor's child who falls while playing in your yard
- Property Damage Liability: This insurance covers the cost of damage or loss to another person's property. Examples include the following:
- Damage to vehicles and other property as a result of a vehicular collision where you are at fault
- Damage claims incurred when your pet rips a friend's designer shoes to shreds
- Accidental damage to school property caused by your child
What if You Don't Reside in the Property You Wish to Insure?
Umbrella policies aren't just a good idea for homeowners and motorists, but for landlords as well. If you rent out your Maine property, an umbrella policy could protect you from these incidents:
- Someone tripping over a bump in the sidewalk of your rental property and suing you for damages
- Your tenant's dog biting someone
- Someone falling down the stairs due to a broken railing
- Someone slipping on the ice in your parking lot
People Can Sue You for Any Number of Reasons
Most Maine insurance companies offer umbrella policies that cover more than just medical and property liability. You can also get coverage to protect yourself against these types of lawsuits:
- Slander, an injurious spoken statement
- Libel, an injurious written statement
- False arrest, detention or imprisonment
- Malicious prosecution
- Shock/mental anguish
- Other personal liability situations
What Does Umbrella Insurance Cost?
The price of your umbrella insurance policy in ME depends on how much coverage you choose to buy. Coverage limits start at $1 million and can go as high as $10 million for some applicants. For all that coverage, rates are lower than you may think.
Most companies will require you to have certain limits on your homeowners and auto insurance before you qualify for an umbrella policy. It's a good idea to consult with an experienced insurance agent to find out which policies are right for you.
Start Saving on Your Umbrella Policy
If you've decided that you don't want to leave your financial future to chance in a lawsuit situation, it might be time to see how much an umbrella insurance quote would be, and how that would affect your bottom line.
Contact a knowledgeable Trusted Choice® independent insurance agent to get quotes and to find out how you can protect your future with an umbrella insurance policy purchased from one of Maine's outstanding providers.