Umbrella Insurance: Protect Your Wealth
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Fidelitys wealth management experts highlight the significant gaps in standard auto and homeowners insurance, which often cap at $250,000 or $500,000 per claim, but court awards can soar much higher. They recommend umbrella insurance, an affordable extra layer of protection starting at $300-$500 per year for $1 million in coverage. This safeguards your assets from massive judgments, as it only activates after your primary policies are exhausted. Lawsuits are on the rise, with nearly 400,000 personal injury cases filed annually and average auto claims increasing by 8%. Umbrella insurance covers bodily injury, property damage, and personal claims. Fidelity advises reviewing your coverage, especially if you have teens, pools, or risky hobbies, to ensure total financial peace.
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