No matter how careful you are, accidents happen. According to the Pennsylvania Department of Health, someone checks into a PA hospital with a preventable injury every 3.5 minutes. If you cause of someone else's bodily injury or property damage, you can be held financially liable for hundreds of thousands of dollars in restitution and legal fees. A Pennsylvania umbrella insurance policy can't stop an accident from happening, but it can protect you from the financial burden of a claim against you.
Homeowners insurance and auto insurance policies provide you with liability coverage, up to a certain amount and for specific types of accidents. An umbrella policy extends that liability coverage to a higher, safer dollar amount and covers other types of accidents that may not be included in your current policies. An independent agent in the Trusted Choice® network can help you look over your insurance to see if an umbrella insurance policy would be a good idea for you. Contact a local agent today to discuss your risks and to compare multiple Pennsylvania umbrella insurance quotes that suit your budget.
Accidents Are Common and Expensive
- In 2009, hospitals in Pennsylvania treated 125,765 non-fatal, unintentional injuries. This number increased from 118,091 in 2005.
- For non-fatal, accidental falls alone, total treatment charges in PA exceeded $2 billion.
- In this state, the average hospital bill for an accident involving a motor vehicle is $45,576.
- Some of the most common non-fatal injuries were falls, accidental poisonings, motor vehicle accidents, and dog bites
If you are sued over an injury that you cause through your actions or negligence, you could be held financially responsible for the plaintiff's medical bills. These costs can be substantial, especially if an injury requires ongoing rehabilitation and treatment. In addition, you may be liable for property damage, lost wages, and court fees. The liability coverage in your auto or homeowners insurance may be insufficient to cover these costs. A member agent can help you find out how much liability coverage you have, and how much extra liability insurance you need.
What Does Pennsylvania Umbrella Insurance Cover?
Umbrella coverage is also known as lawsuit insurance, because it protects you from the potential financial disaster of a claim against you. This coverage is limited by the amount you choose for your umbrella policy. It can provide extra insurance for the following expenses, up to the limits you set:
- Plaintiff's medical bills, which commonly run well over $10,000
- Property damage, such as wrecked cars, electronics, or structures
- Pain and suffering, and other damages awarded to the plaintiff
- Lost wages, when the plaintiff has missed work because of the accident
- The plaintiff's legal and court fees
- Your legal defense fees, often the biggest expense of all
If your homeowners insurance policy has a liability coverage limit of $300,000 per incident, and your legal settlement totals $500,000, you must pay the remaining $200,000 out of your own pocket. But if you have a Pennsylvania umbrella insurance policy set at a standard $1 million limit, your homeowners insurance would pay $300,000, and your umbrella coverage would provide the remaining $200,000.
How Much Pennsylvania Umbrella Insurance Do I Need?
Most umbrella policies start at $1 million in liability coverage. This is a good level of coverage if you are at low risk of litigation. However, umbrella coverage becomes more economical as the limits get higher. You can usually purchase much more coverage for a small increase in your premium. These are a few factors to consider when deciding how much coverage to purchase:
- How much do you make? Sadly, those with deeper pockets are statistically more likely to be sued. It is a good idea to set your coverage limits high.
- How much will you make in the future? If you are in medical, engineering, or law school, you have the potential to make a good living someday. Lawyers may go after these future earnings.
- How much do you own? Houses, land, savings, retirement accounts, cars, and other investments can be claimed by the plaintiff in a lawsuit.
- How risky is your property and lifestyle? Do you own a pool, a dog, or a gun? Do guests ride ATVs or dirt bikes on your land? The higher the chances that someone could be injured at your home, the higher your liability coverage should be.
If you you are sued and your liability coverage is insufficient, lawyers can go after your assets, earnings, and future earnings, to pay the settlement or judgment. This includes any property you own, such as your home, land, cars, savings, investments, and retirement accounts. An independent agent is a great resource for information about Pennsylvania umbrella insurance. These local agents can help you determine how much umbrella coverage you may need to protect your home and finances.
How Can I Find Pennsylvania Umbrella Insurance?
Many insurance carriers offer umbrella coverage, with varying levels of protection and cost. An agent in the Trusted Choice network can compare policies from several companies to help you find the one that fits your needs.
An independent agent works by your side as you shop for coverage, and advocates for you when the time comes to file a claim with your insurance company. These agents can also bundle your umbrella insurance with other coverage you need, such as business insurance, auto insurance, and homeowners insurance, to get you discounts and save you time. Contact a member agent today to compare Pennsylvania umbrella insurance quotes from several companies and get the peace of mind you deserve.