When it comes to protecting your assets and financial future, your standard insurance policies may not always be enough. That’s where a Personal Umbrella Policy (PUP) comes in—a valuable tool to extend your liability coverage and safeguard against life’s unexpected events.
What is a Personal Umbrella Policy?
A PUP provides an extra layer of liability protection beyond the limits of your standard homeowners, auto, or other insurance policies. If you’re held liable for an accident or incident and your primary insurance coverage isn’t enough to cover damages or legal costs, a PUP steps in to fill the gap.
For example, if you’re involved in a car accident resulting in a $1 million lawsuit but your auto insurance policy covers only $500,000, a PUP can cover the remaining $500,000, potentially saving you from significant financial hardship.
Why Consider a PUP?
Life is unpredictable, and lawsuits can arise from everyday situations—like someone slipping on your property or an accident involving your teen driver. Without sufficient liability coverage, you could be forced to cover these costs out of pocket, putting your assets, savings, and even future earnings at risk.
A PUP is especially important for:
- Homeowners with significant property or assets
- Parents of teenage drivers
- Pet owners
- Individuals who host events or entertain guests regularly
Affordable Peace of Mind
One of the best things about PUPs is their affordability. For the cost of just a few hundred dollars per year, you can typically add $1 million or more in liability protection. Considering the peace of mind and financial security this coverage provides, it’s an investment well worth considering.
Let Us Help You Protect What Matters Most
At Looker Wolfe & Gephart Insurance, we specialize in helping our clients secure comprehensive protection tailored to their unique needs. Whether you’re exploring PUPs for the first time or reviewing your current coverage, we’re here to guide you every step of the way.
Ready to learn more? Contact us today for a personalized quote or to discuss how a Personal Umbrella Policy can fit into your overall insurance plan.