Life is full of risks, and sometimes accidents happen. In the event that you are responsible for bodily injury or property damage to another person, you may find yourself on the wrong end of a liability suit. Even though you may carry automobile and homeowner's insurance, in a worst-case scenario, you can be subject to a judgment that far exceeds the limits of your coverage. A Mississippi umbrella insurance policy gives you an extra layer of protection.
A local independent insurance agent in our network can help to review your risks and concerns, and the assets you need to protect. One of these agents can provide multiple Mississippi umbrella insurance quotes for you to compare, and help you find the extra liability insurance you need at a cost you can afford. Find a local member agent for personal assistance today.
Facts About Your Liability Risks
- Every driver is at risk. Mississippi's motor vehicle fatality rate is more than twice the national average.
- Defending a liability claim, even one without merit, can involve substantial legal costs.
- A claim arising from a wrongful death or serious injury can generate a judgment in the millions of dollars.
- Most standard liability policies include less than $50,000 worth of liability protection.
What Is an MS Umbrella Polciy?
An umbrella policy can give you extra insurance protection by providing a much higher liability limit than your existing policies. This coverage provides protection over and above your basic policies, and kicks in when the limits of those policies are exhausted. For example, you might have liability coverage on your primary residence, a secondary residence, your vehicles, a boat and an ATV. An umbrella policy will increase the amount of liability coverage on all these policies. If your primary liability policies are exhausted because of a large claim, your Mississippi umbrella policy will not only give you excess coverage for damages but will also pay for legal defense costs.
Liability claims can arise from circumstances not involving your personal negligence. Your pet dog, a backyard swimming pool or a child injuring another child are all exposures that can lead to injury and a claim against you. Litigation can be tremendously expensive, and potential liability in serious cases can far exceed the liability limits carried by most people. Your Mississippi umbrella insurance policy can give you an extra layer of protection against this risk.
Do I Need a Mississippi Umbrella Policy?
In our litigious society, many people (and their legal advisers) seek opportunities. This means that certain people are targets for litigation. For example, you may be at increased risk of being sued if:
- You have substantial assets;
- You have a large income;
- You are in a field, such as the medical profession, in which earning ability increases over time, and you have excellent future earning potential;
- You are a person with a high public profile, such as a politician, an entertainer or a professional athlete.
Given the relatively small expense of an umbrella policy, there is likely no better investment you could make in protecting your assets and future earnings. Just the peace of mind that an extra layer of protection can give you may be well worth the investment.
Umbrella Policy Costs and Limits
The cost of a Mississippi umbrella policy will depend largely on what you own. Each residence, automobile, boat, ATV, or other vehicle will increase your cost. Even so, an annual umbrella premium in most cases will typically not be more than one or two hundred if you are a one home, two-car buyer. Umbrellas are usually sold in increments of $1 million. You can get coverage up to $5 million or higher from most companies. The additional cost for limits above the primary $1 million is nominal.
Each umbrella policy will require that you carry minimum limits of liability on your primary policies. However, if you are carrying limits on your primary policies that are higher than the minimum, you can reduce the cost and limits of your primary policies by purchasing an umbrella policy. In some cases you can save enough on premiums to completely cover the premium rate for the umbrella policy. In addition, if you buy all your personal insurance from the same insurance company, you will usually be eligible for a multi-policy discount.
Additional Coverage in an Umbrella Policy
Subject to a deductible, Mississippi umbrella insurance can extend your coverage in areas where you might not otherwise have protection. For example, if you drive a friend's boat, and are at fault in an accident, your friend's policy will probably protect you to a degree. However, the policy may or may not have adequate limits. Even though you do not own a boat yourself and carry no watercraft insurance, your umbrella policy will provide contingent excess liability protection. The same coverage would exist if you were involved in an accident involving an aircraft, ATV, snowmobile or other vehicle that you do not own. Also, most umbrella policies will cover some perils not covered by a homeowner's policy, such as the following:
- False arrest, detention or imprisonment
- Malicious prosecution
- Shock/mental anguish
You should note that umbrella policies are not standard. Each company will have slightly different coverage and wording. A member of our network can provide multiple Mississippi umbrella insurance quotes for you to compare so that you can find the policy that is right for you.
How to Buy Mississippi Umbrella Insurance
A Mississippi umbrella policy can give you significant additional liability protection at a reasonable cost. It will protect your assets and should also give you considerable peace of mind. Get the umbrella protection you need, as well as the assistance to ensure that your home, auto and other policies work together to provide complete protection.
Contact an independent agent in our network today for quotes and personal assistance.