Even careful people can find themselves liable for the injury of others. Catastrophic events don’t happen often, but they can happen to anyone at any time. For example:
- You cause a serious car crash that results in multiple injuries and property damage.
- A guest is injured at your house and they are out of work for over a month.
- You’re accused of verbally assaulting someone and they sue.
In the event that the costs associated with an accident or injury exceed your auto or home policy’s standard liability coverage, an umbrella (additional liability) policy can help cover the additional funds you may owe—and that amount can be significant.
What do you have to lose?
Umbrella insurance is considered essential to building financial security for you and your family. It helps protect your assets from the unexpected. You’ve worked hard for your home, car, and other assets; however, a large lawsuit can wipe out your current savings as well as what you stand to earn in the future. Imagine the impact on your family. Think about it—how much can you afford to lose?
Most people are surprised at how much exposure to risk they have as they lead their everyday lives. Examples include:
- Dog bites.
- Recreational vehicles.
- Swimming pools.
- Social media posts.
- Losing control of your vehicle on an icy road.
What does umbrella insurance cover?
Umbrella insurance provides extra coverage for medical bills or lawsuits that exceed the limits of your home insurance, as well as the damage you do to the personal property of others.
Besides the extra liability protection, a personal umbrella policy will pay your legal expenses if a liability claim is brought against you, whether the claim is legitimate or not. These costs are paid in addition to your policy limit.
A personal umbrella liability policy will also provide you with protection if you face liability for certain acts not usually covered by your home policy, including:
- False arrest.
- False imprisonment.
- Defamation of character.
- Invasion of privacy.
- Wrongful eviction.
What doesn’t umbrella insurance cover?
Umbrella insurance will not cover you for:
- Damage to your own personal property.
- Criminal acts you may commit.
- Flood damage to your own home or apartment.
- Contracted worker injuries (they should have their own insurance).
Protect your financial security
If you have auto and home/renters insurance with WEA Member Benefits, you may be eligible to participate in our umbrella insurance program. The great news is that you can buy $1 million of additional liability protection very economically—or choose from $500,000, $2 million, or $3 million coverage options.
Premiums are determined by circumstances. Provided you qualify, it is one of the most economical ways to protect your assets and future earnings.
As an additional option, we offer up to $1 million of uninsured and underinsured coverage. Some companies are no longer offering this coverage, but we feel it’s important as it helps protect our members, their family, and their passengers.