Tennessee is one of the most beautiful states in the nation. Outdoor activities such as fishing, boating, and ATV riding are especially popular; but they can also lead to accidents. When looking for protection against these unforeseen events, consider getting umbrella insurance coverage. This little-known insurance is a protection powerhouse, offering you coverage on policies from home insurance to boat insurance. Read the information below to find out how to get quotes and this important coverage.
Tennessee Litigation Facts
- 85% of the world's lawyers live in the United States.
- 13% of personal injury liability awards and settlements are for $1 million or more.
- An estimated 9 out of 10 tort trials involve personal injury issues.
Umbrella insurance is extra liability insurance designed to protect you from litigation and liability because of an accident or other incident. For instance, you could reach your auto insurance liability limit of $250,000 quickly as a result of an accident or collision. Once you reach that limit, you must pay out of pocket for any additional costs. Umbrella insurance can cover these incidents, providing you with extra insurance protection.
What Is Umbrella Insurance in Tennessee?
Umbrella insurance, typically sold in $1 million increments, provides liability coverage beyond what typical liability policies provide. Umbrella insurance coverage includes incidents such as these:
- Libel: Libel typically refers to written/graphic defamation.
- Slander: Slander usually includes spoken defamation.
- False arrest: This insurance can help defend you against false arrest.
- Invasion of privacy: Unfortunately, many people experience an invasion of privacy at one point or another, whether it's in a hotel room, dressing room or in your own home. Umbrella insurance can help protect this right.
Umbrella insurance can also extend to policies such as your auto policy, homeowners policy, RV policy, ATV policy, and other coverages. While these policies typically include a pre-determined liability amount, many times, this limit may not be enough to sufficiently protect you.
Getting Umbrella Insurance Quotes in TN
Insurers sell umbrella insurance policies in $1 million increments. The prices can vary greatly depending on the amount you purchase and your individual risk factors. A typical $1 million liability policy can cost between $200 and $300 per year. Some of the factors that determine price quotes include the amount of coverage you want, the deductible you'd like to pay and the items you want to cover. When you're looking for umbrella insurance, be aware of the following:
- Your net worth
- What assets you want to cover
- Your claims history
- Your driving record
- Your line of work
Insurance companies consider all of these factors, plus more, in order to give you quotes for an umbrella insurance policy that will cover you from the most common types of risks that you face.
Are There Discounts Available on Umbrella Insurance?
Just as with many other insurance policies, there are usually discounts available on TN umbrella insurance. While you're shopping for umbrella insurance, be sure to ask about any discounts, including the following:
- New customer discount
- Paid-in-full discount
- Good driver discount
- Claims-free discount
- Good credit discount
- Industry/Professional affiliation discount
Keep in mind that each insurance company offers its customers different discounts, so make sure you ask about any discounts you may qualify for.
Special Considerations for High Net Worth Individuals
Statistically, high net worth individuals don't carry enough insurance, and that makes them prime targets for litigation. If you are a high net worth individual, it's important to have enough liability coverage to protect your assets and your lifestyle in case of an accident or lawsuit.
How To Purchase Umbrella Insurance in Tennessee
When deciding to raise your liability protection limits, it's important to have a professional by your side that understands your risks and can guide you to the right protection at the best price. An agent is always available to get you quotes and help you find coverage, make policy modifications and file a claim.
Contact an agent in your neighborhood for more information.