A catastrophic accident could wipe you out financially even if you have insurance. That is why Parchman Insurance offers umbrella insurance policies to people in Texas. An umbrella policy is like the name implies, extra protection when something very bad happens.
It is essentially extra liability coverage. If you were at fault in a very bad auto accident, for example, you could be held liable for $500,000 in damages. If you had a standard auto policy with a $300,000 limit, you would still be on the hook for $200,000.
This coverage is especially good for people who have a lot of property or assets. Accidents like these are not common, and the policy is not very expensive as a result, but it does offer you a lot of peace of mind for a low price. Someone nearing retirement with a lot of savings would be vulnerable in such an accident. If you have a public profile, and a lot of assets, you might be the target for such lawsuits. An umbrella policy would have you covered.
If someone were to be injured on your property, and you were held liable in a lawsuit, the damages could get into the millions. If you have an umbrella policy, you would be covered. This can also cover you for things like being involved in a civic organization and having something bad happen there where board members are held liable.
An umbrella policy can also protect you from liability if you are sued for slander or libel. It could cover your legal expenses in such a lawsuit. Of course, it would not cover you if you were convicted of illegal activity, but it would protect you if you were not breaking the law.
Call the Parchman Insurance agency today to learn more about umbrella insurance policies in Texas. We are here to help you protect your assets and help you keep your future secure.