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By: Nathan Randall
I realized that my umbrella insurance policy is due for renewal this month and I still can't believe how inexpensive it is for $1 million in coverage. An umbrella insurance policy protects you and your family from the financial exposure of being sued. It is also known as a liability insurance policy, this very inexpensive coverage provides an additional level of protection for you.
There are four main reasons to consider purchasing umbrella insurance:
1) Pay A Little, Get A Lot Umbrella policies can cost as little as $15 to $20 per month but generally provide large amounts of coverage, usually starting at $1 million. Yes, for as little as 50 cents per day you can rest easy from lawsuits stemming from car accidents or if someone gets hurt at your home.
2) Your Car Insurance Has Limited Coverage Your car insurance includes personal liability coverage usually up to $300,000, but if you are hit by a lawsuit, judgements can easily be considerably above that amount. Pull out your policy right now and check it over to see what liability coverage level you have on it.
3) People Are Eager To Sue In today's society where people are so eager to sue, $300,000 in liabilty coverage from your car insurance is not always enough. That is where an umbrella policy comes in to protect you. For example, if accidentally you rear end another vehicle and a passenger in the other car hurts their neck, the medical bills could easily exceed the coverage available to you through your automobile policy. An inexpensive umbrella policy will provide the extra protection you need.
4) It Is Not Just For Accidents An umbrella insurance policy can also help protect you from lawsuits brought against you for libel and slander. If a judge rules against you in any type of lawsuit resulting in you owing lots of money (both from the judgement itself plus the attorneys fees), having an umbrella insurance policy provides you with peace of mind.
Mortgages For Credit Scores 580 And Below If you can't find a co-signer for a mortgage, try an FHA loan. If your credit score is above 580 and you have good income and little other debt, you may qualify for a program with a down payment as low as 3.5%. If your score is below 580 you may still get approved, but the down payment minimum jumps to 10%. Just submit a single loan request and get in touch with multiple competing lenders. Even if the system tells you that you may not qualify for a conventional loan, you can go the FHA Loan route.
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Author Resource:->??Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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