When you are a homeowner and/or drive a car, you are a good candidate for an umbrella policy. Think about what an umbrella does; it protects you from a rainy day. That is what an umbrella policy will do for you, protect you above and beyond the liability coverage provided by your homeowners or auto insurance. One umbrella policy covers all your needs. You don’t need to get separate ones for your home or your car.
Typically, liability coverage on an automobile or home is limited in its scope. A basic umbrella policy will take over when the liability limit of your policy has been met. Depending on what you have for assets, you may want to consider more than a minimum umbrella. If you have an auto policy, the umbrella policy will be in addition to the coverage on the face of your policy. While this may seem like a lot of money, if you happen to be sued, a ruling can attach not only your current assets but future assets and earnings.
You may also be required to pay legal fees, and these can add up quickly. An umbrella policy can pay for your defense expenses which if a case drags on can be devastating whether you win or lose. Even if you are not wealthy, an umbrella policy protects you and your smaller home or older car from the possibility of a lawsuit that can take away all that you have worked so hard to earn.
If you live in Oregon and want to learn more about what an umbrella policy can do for your financial security, Porchlight Insurance has offices in Portland, OR. You can contact Porchlight Insurance in person at their office or on the phone at (866) 272-8522. Reach out to our agents in Portland, OR for more information.