I strongly recommend motorists buy an umbrella policy which normally costs a few hundred dollars a year, but usually offers coverage of at least one million dollars. Uninsured/underinsured motorist coverage, in my opinion, is the most important insurance you can buy. This will cover you or a family member injured in any vehicle. Even if you are a pedestrian or a bicyclist and hit by a vehicle, this insurance covers you and your family for all types of damages including but not limited to medical costs, lost wages, and many other damages resulting from the accident.

I recommend you purchase at least $500,000.00 uninsured motorist coverage.

The proper amount of uninsured/underinsured coverage will protect your family from drivers that carry minimum limits on their policy. An umbrella policy is not too expensive and if you need it, it would certainly be helpful if one of your family members is a victim of the many auto accidents that occur annually.

I should also advise you that an umbrella policy will add much more protection beyond the limits of your primary auto insurance. Most people’s biggest asset is their homes. If your home gets damaged or destroyed, as you see it happening in many states, due to a tornado, hurricane and other acts of God, you could be homeless if you were hit by any of these major disasters. Therefore, you should protect yourself by purchasing the amount of homeowners insurance that would pay you to fix any and all damages, or that would pay you enough to purchase a new home.

If you rent, you should secure renters insurance. Both on your homeowners and renters coverage, you should itemize your valuable property. Itemization of your property will cover jewelry and other valuable items you have that would cost a lot to replace. It will protect your property due to a fire, theft or other risk. Additionally and similar to automobile insurance, I recommend you buy an umbrella policy of at least one million dollars in the event you need it for property damage or to repair or purchase a new home.

You should be aware that renters or homeowners insurance may exclude all business items, so you should purchase the endorsement which covers you for losses of business property. An endorsement may cover liability losses relating to your business. To get that, you will need to increase your policy to add small business coverage, which protects your business property and home. And on the road, it covers liability, theft and loss of income. A standard owner’s business policy offers more liability coverage and can expand to protect your loss of income. You can buy small business coverage for as little as $130.00 a year in some states, so it is affordable and well worth the investment.

If you are injured call David K. Kremin & Associates at 1(800) ASK-A-LAWYER or 1(800) 275-2529 and you will be represented by a lawyer with at least 20 years of experience. We accept calls 24 hours a day, 7 days a week all year.