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.
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:
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.
Umbrella insurance provides coverage for injuries, damage to property, certain lawsuits and other personal liability situations:
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:
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:
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.
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.