Personal Liability Insurance
At Nicholas Insurance, we know that you don’t have to be a millionaire to be sued like one. While you may lack liquid assets, your home, savings, and retirement can all be at risk if you’re involved in a lawsuit.
That’s why we offer a personal umbrella policy (PUP), a type of personal liability insurance that works with the existing liability coverage on your auto and homeowner’s policies.
Here’s how this policy works: your home and auto policies provide protection for covered incidents of bodily injury or property damage liability, up to the policy limit. But what if your legal liability exceeds the limits of your policy? Without coverage, the extra money could be gleaned from garnishing your future wages, emptying your retirement account, and selling your home for the equity you’ve built into it.
That’s where we can help.
Not everyone needs a personal umbrella policy. However, you may be at risk in a loss situation if any of the following apply to you:
you have a large number of assets, including a home, boat, savings, and/or retirement account
you have young drivers (under twenty-five) in your household
you own rental properties
you own a business
you volunteer within the community
If any of these factors apply to you, please contact us today. One of our licensed representatives would be happy to further explain cost and benefits of a PUP policy, and to help you determine if a personal umbrella policy is right for you.