When it comes to insurance, chances are that you have the basics covered. If you have a car in Massachusetts you are required to have Car Insurance. If you own a home, you will be required by your mortgage company to have Homeowners Insurance. Both a Home and Auto Insurance policies have liability limits. Your limits for those policies will cover the basics such as bodily injury or property damage to others. In a lot of cases, this liability coverage will be enough to keep you covered. In a situation, like a lawsuit, where that coverage isn’t enough, a MA Umbrella Insurance policy would be beneficial to provide an extra layer of protection.
If you were to be involved in a multi-car accident where people were hurt, the liability limits may exceed the ones you have on your basic insurance policies. An Umbrella Insurance policy can offer you the coverage you need, giving you peace of mind. Situations like multi-car accidents and lawsuits may seem like a long shot, but anything can happen, especially in today’s world. When you have an Umbrella Insurance policy you don’t have to worry about the “what-ifs” of what would happen if you were to be sued. You don’t have to worry about having to sell your home, car, or other assets like your boat or RV to pay for those costs.
While the above situation may be the most common, there are several other situations where your home and auto liability limits aren’t enough:
- If someone were to slip and fall on your property and gets hurt. This person could sue you for medical treatment and/or disability.
- If you have a dog and that dog were to bite someone and they suffered injuries they could sue for medical expenses.
In all of these situations, costs and fees have a tendency to go above basic home and auto insurance liability limits. This is when having an Umbrella Insurance policy could protect you from suffering a financial disaster. If you’re being sued, the money can add up to even a million dollars depending on the situation. Most people couldn’t afford for that to happen, but having an Umbrella Insurance policy allows for you to be prepared, without having to worry about the cost.
Here are some facts about Massachusetts lawsuits and other fees that may give you a better idea of the need for Umbrella Insurance:
- The statute of limitation for filing civil lawsuits seeking auto accident compensation is three years.
- There is a special provision allowing a woman to be compensated if a dog attack results in visual scarring or disfigurement.
- If you have to hire a lawyer, it could cost as much as $100 to $300 per hour, and trials could last upwards of 60 hours.
In addition to the great coverage you receive when you have an Umbrella Insurance policy, many people are also happy to see the affordable cost of it. Having a million extra dollars or more of coverage for a number of unforeseen but possible situations can actually be quite affordable for you and your family. Deciding just how much coverage you need with an Umbrella Insurance policy is easy with the help of an agent. Typically, our agents recommend at least $1,000,000, but they can look at your current limits and your needs and design a policy just for you. One of the main factors will be the type and worth of your assets, as well as additional liability factors that can include:
- Young Drivers
Encharter Insurance agents can get you the most accurate quote if you are able to let them know your current liability limits. These can be found on the declaration page of your current policies, such as home and auto insurance.
For an umbrella policy in Massachusetts, give our agents a call today at 888.754.8299 or fill out the online form above.