No matter where you live, accidents happen. Unfortunately, sometimes they result in lawsuits. If you’re ordered to pay a settlement, whether due to your negligence, your actions, or an accident that you or a family member caused, you need the proper liability protection. Protect your financial stability and personal assets with Massachusetts umbrella insurance, which provides excess liability coverage, above and beyond your home and auto liability limits.
When you work with an independent insurance agent in our network, you have access to multiple Massachusetts umbrella insurance quotes to compare before you buy. Umbrella insurance is one of the most affordable forms of extra insurance and is one of the most effective liability protection options you can buy. To find the right umbrella coverage for your risks, contact an agent right in your city.
Possible Umbrella Claims in Massachusetts
- During previous years, there were 6,300 dog bite injuries in the state
- MA has one of the lowest rates of home accidents
- In recent years, drunk drivers caused 4 fatal accidents
What Is Massachusetts Umbrella Insurance?
Standard liability coverage will help cover the costs of property damage and/or bodily injury that you may cause due to your actions or negligence. This coverage is a legal requirement for both homeowner and vehicle policies in most states. However, depending on the liability limits set on your policies, you can easily run out of coverage long before you cover your costs, particularly if the incident results in a lawsuit.
With auto insurance, many people simply buy the minimum coverage amount required by their state. Even if you purchase what is considered a higher level of protection, such as $100,000 per person and $300,000 per accident, you may be exposed to serious risk. With this amount of protection, for example, a $1 million legal judgment would leave you with $700,000 to pay out of pocket. Umbrella insurance acts as an additional liability insurance layer that provides protection above and beyond your liability limits for both your home and auto policies, and sometimes others as well.
Do I Need Massachusetts Umbrella Insurance?
Although extra liability insurance isn’t a legal requirement, it’s a smart buy in today’s litigious society. When trying to determine if you really need umbrella insurance, look at your assets. Be sure to include everything you need to protect, not just what you have in the bank. For example, consider:
- Your home
- Other real estate investments
- Your future income
- Your retirement and investment accounts
Lawyers who are seeking a settlement will certainly take these aspects into account, so you should as well. If you aren’t sure how to calculate your total financial worth, contact an agent. Your agent can help you identify vulnerable areas of your portfolio and find the coverage you need.
Choosing Coverage Limits
It's a good idea to purchase enough umbrella insurance to cover a potential total loss. Limits normally start around $1 million, which can be an ideal limit for the majority of consumers. If you have a high net worth, you might consider a higher limit, like $5 million or more. Talk with your agent before you buy to make sure you're getting the coverage you need. It’s easy to underestimate the amount of coverage necessary to protect you from liability claims. An agent can help you find the right coverage amount. Here are a few things worth reviewing with your agent:
- Current financial status: It’s the sad truth, but the higher your net worth, the more likely you are to be sued. Some organized crime rings even target individuals to receive insurance payouts.
- Potential financial status: You may be a broke med student right now, but your earning potential is huge. A liability settlement can actually take your future earnings into account.
- Exceptional risk factor: If you live on the edge, drive recklessly, or do high-risk work that can lead to personal injury to others, your agent may advise you to purchase a much higher coverage limit.
Working with an Agent
Finding the right add-on options for your insurance coverage can be frustrating and confusing, especially if you aren’t sure where to start. An independent agent in our network can walk you through the details of Massachusetts umbrella insurance to strengthen your confidence in your coverage. If you need to stay within a budget, a member agent can compare Massachusetts umbrella insurance quotes to find the right coverage for your needs and budget.
To get the information you need, contact an independent agent in our network today.