Did you know that Colorado has an excessive number of per capita personal injury attorneys, and one of the highest number of personal injury claims that end in litigation in the nation? These two facts alone are enough to cause some concern, but when you consider exactly how much you stand to lose in the event of a catastrophic accident, it's surprising that you would ever sleep again. Fortunately, umbrella insurance will protect you in a variety of different scenarios.

1. Significant Property Damage

Vehicle accidents can be extremely expensive for all parties involved. However, if the accident is deemed to be your fault, the news can be even worse. Your vehicle insurance can become quickly exhausted if you cause extensive damage to someone else's vehicle or if someone is injured in a way that requires long-term care. Umbrella insurance picks up where your property insurance stops. 

2. Serious Bodily Injury

Life happens, but the fallout doesn't have to happen to you! Bodily injuries costs can mount up quickly, and if a jury determines that you are at fault for a specific instance such as a dog bite to a neighbor, the costs to your family can be extensive. When your home insurance stops, umbrella insurance takes up the slack. 

3. Landlord Liability

There are many ways that tenants can cost a landlord money — by ruining walls and flooring and tearing out fixtures, for instance. However, they can also severely impact your wealth by filing an injury lawsuit due to any injuries that are sustained while renting your property. Guard against this eventuality with affordable umbrella insurance. 

4. Libel or Slander

Your parents likely told you never to write anything down or say anything that you wouldn't want to be posted on a billboard in your hometown. Not everyone listens to this good advice, which can result in a libel or slander lawsuit. Umbrella insurance coverage helps protect you when someone sues you for written or spoken words too. 

5. Malicious Prosecution

Sometimes even filing a lawsuit is a reason for others to file a countersuit! Even if you feel as though your lawsuit is perfectly justified, your defendant may disagree and claim that you're being malicious or filing a lawsuit for no reason. Fortunately, umbrella insurance steps up in this instance and provides an added layer of protection to you and your family. 

When you're being threatened with extensive charges or lawsuits that will not be covered by traditional insurance, umbrella insurance provides protection for your assets — saving you from lost income, wage garnishments, or liens that could be applied to your home. Now that you understand some key benefits of having an umbrella insurance policy, give Kyle Insurance Group a call today at 303-465-9500. You can file a claim or manage your policy right on our website for your convenience. You can even get a quote online — just click here to get started.