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Should I take an umbrella?
How many times we were trying to decide on whether to take an umbrella or not? Seems like a nice morning and if you are not in Yakutat (Alaska) or vacationing in Hilo (Hawaii), you, probably, may choose to go without an umbrella, hopping that the weather channel is wrong. And how many times we were caught unprotected? Showers are o.k., but what about a really rainy day? And I mean - real disasters. You can be protected from some unforeseen catastrophic risks by a wonderful umbrella insurance. Yes, we’ve all got a good liability insurance, but it is not enough. Umbrella policy is like a second layer of liability coverage.
The greatest thing about it is that you do not have to spend tons of money. It is usually about $100-200 per year for $1 million of coverage. And about $60-100 per year for every additional $1 million of coverage.
Buying an umbrella policy is really the best value in the insurance market. Not only you get higher coverage limits for injuries and property damage you cause; this type of insurance gives you an additional coverage for defense costs and pays legal judgments against you , if a covered lawsuit exceeds your primary liability insurance limits.
So, go ahead, and get an umbrella insurance in case of a rainy weather.
