Personal Umbrella Policy

To get the right protection for your asset and for your future, what you need is an additional protection covered by a personal liability insurance policy.

What is a PUP (Personal Umbrella Policy)?

You can protect yourself from a situation where your regular insurance seems not sufficient for your needs.  A personal umbrella policy is known an “umbrella” because of the liability coverage over and above your regular homeowner’s or auto insurance.  This policy provides security for yourself and your family not in favor of a large and damaging liability judgments or claims. In a nutshell, having a personal umbrella policy kicks in right if your principal liability limits are reached.

Why do you need this policy?

It is optional to have a personal umbrella policy, but it does provide additional protection on the things you need.  Here is an instance that shows why this policy is necessary.  You have injured another driver and found out you’re the one at fault.  Your homeowner’s and auto policy liability coverage pays until it reaches the limits.  Assuming it’s $300,000.  However, the other injured driver receives a high-paying job and after the accident, he can’t report for work for 5 months due to physical injury.  Therefore, he sues you for a million dollars but your car insurance can cover $300,000 only.  If you have a personal umbrella policy, it will cover the difference up to the limits of your car insurance policy.

Policy limits on Personal Umbrella

Basically, a personal umbrella policy is obtainable in a million-dollar percentage increase—from one million to five million dollars. Personal umbrella policies will also include coverage suitable for these certain situation:

1.  If you get sued against an incident covered by your personal umbrella policy, it can keep hold and pay for the lawyer.

2.  Your protection is in effect regardless of your location—even when you’re not inside the country.

3.  You remain covered for the lost salaries because of attending the court—up to the limits stated in your PUP policy.

How do you value your peace of mind?

Extra layers of liability protection are included in personal umbrella policy.  If liability limits are reached in your auto, home or other primary insurance policy, umbrella insurance policy will take over and give you extra protection.

Do you have the right amount of liability insurance?

Think about what will happen if your dog bites one of your neighbors or if an accident happens in the property you’re renting.  What happens if fire from your condominium spreads out to the adjacent units? There’s no peace of mind if any of these things happen and your existing liability limits are not enough to secure your future wages and your assets.

Broader coverage

An umbrella insurance policy covers not only you, but also your spouse and other members of the family who live in your home—anywhere they are.  Also, fees on legal defense are paid by umbrella policy. The best coverage for you is unique, so find out how to secure yourself as well as your loved ones.

To get more information about Personal Umbrella Policy in Florida, please contact us at DMG Insurance and Financial Services, Inc. (http://www.dmginsurance.com) at 543 N State Road 7, STE 106, Royal Palm Beach EL, 33411, phone 561 422 7071, Fax 561 422 7072.

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