Liability insurance covers damages to third parties. In other words, it covers damages to people who are not named on an insurance policy that you may become responsible for..
On the personal insurance side, people typically get liability coverage through their home and auto insurance policies. Imagine if you were sued for $1 million after an auto accident and your insurance only covered $500,000 in damages, it would be up to you pay the difference. This is where umbrella insurance kicks in. It is an extra layer of coverage that provides protection beyond what your home and auto insurance policies provide. Because of the increasing litigious nature of our society, it is becoming more common for individuals to have umbrella coverage.
Normally Personal Umbrellas are provided by the insurance company supplying your home insurance policy. If OTC is your insurance broker we are able to provide you a quote, if not then possibly you would entertain a complete home,auto, umbrella quotation from OTC Insurance Brokers Inc..
The cost of increasing your liability limits for your home and your automobiles is very inexpensive and OTC recommends that you do this. Most insureds have limits of $1,000,000 and this is hardly sufficient if your vehicle were in an accident and you were to seriously injure a professional. The additional cost of increasing your auto liability limit by $1,000,000 will range between $35 and $65 per year per vehicle.
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