The Importance of Umbrella Insurance

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According to Forbes.com, California was ranked as one of the top 10 worst states to be sued in. Forbes cited California as one of the top 10 worst states due in large part to unpredictable juries, excessive punitive damages, and a slow summary judgment process. Los Angeles has the distinction of being the single most challenging jurisdiction in the country.

Even though the number of personal injury cases has fallen 13% since 2009, the fact of the matter is that they remain an everyday occurrence. Events such as slip and falls, at-fault car accidents, or personal injury claims (i.e., libel, slander, or false arrest) can present a serious legal risk. Essentially, you don’t have to be a millionaire to be sued like one. Between medical costs, legal fees, and other compensation, liability costs from a single accident can spiral out of control. For those concerned that there may be gaps in your coverage, and that existing liability limits might not be enough, there is another layer of protection available.

With personal umbrella insurance, you can purchase additional liability coverage that will apply to all of your auto, homeowners, renters, landlord, and special lines of insurance. If you exceed your underlying liability limits, your umbrella coverage will pick up whatever is left over, up to your policy limits. Farmers Insurance offers Personal Umbrella coverage with limits ranging anywhere from $1 Million–$10 Million.

To learn more about personal umbrella insurance and all of our other product offerings, call us today to speak with a licensed agent.

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