Umbrella Insurance in NS, NB & PEI
In today’s society, three things work against you:
- It costs nothing to initiate a lawsuit
- Juries and judges are unpredictable
- Defending yourself costs enormous sums of money
If insurance is for a rainy day, umbrella insurance is for a storm! An umbrella insurance provides additional liability coverage not only for your auto policy, but also your homeowners or renters policy. It’s generally pretty cheap too.
What Does Umbrella Insurance Cover?
If you have “toys” such as boats, motorcycles, ATVs, snowmobiles or a motor home, the umbrella coverage can be designed to provide additional liability protection for these possessions as well.
Umbrella insurance actually “sits” on top of your auto, homeowners or renters, and other policies with liability coverage. Say you have a per-person liability limit of 1 million on your auto policy. Say also that you cause an accident in which a driver or passenger in the other car is ultimately awarded $1.5 million for their injuries and loss of income. Your auto policy will pay the first $1 million, and your umbrella will kick in the remaining $500,000.