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Umbrella insurance is an additional liability policy that provides extra coverage beyond the limits of your primary insurance. It is an important policy to have in the state of Utah because of the unique risks associated with living in the state. Utah is known for its outdoor activities, which can increase the risk of accidents and lawsuits. In addition, Utah has a higher than average rate of uninsured motorists, which increases the risk of accidents.
It can also provide coverage for claims that are excluded by your primary insurance policy, such as claims related to dog bites or swimming pool accidents. In addition, umbrella insurance can provide coverage for legal defense costs, which can be substantial in the event of a lawsuit. This type of policy is especially important for those who have significant assets to protect, as it can help to shield your assets from being seized to pay for damages in a lawsuit. By extending your liability coverage, umbrella insurance can provide peace of mind and protection for you and your family in the event of an unexpected accident or lawsuit.
According to the Utah Department of Health, accidental injuries are the leading cause of death for Utah residents between the ages of 1 and 44. In 2019, there were 17,930 reported cases of traumatic injury in Utah, resulting in 2,042 deaths. These statistics highlight the importance of having adequate insurance coverage to protect yourself and your assets in the event of an accident.
Another issue in Utah is the prevalence of uninsured motorists. According to the Insurance Research Council, 8.2% of drivers in Utah were uninsured in 2019. This means that if you are involved in an accident with an uninsured driver, you may have difficulty recovering damages from the at-fault party. Having an umbrella insurance policy can help to protect you in these situations by providing additional coverage beyond what your primary insurance policy offers.
The cost of an umbrella insurance policy in Utah will vary depending on your specific circumstances, but it is generally a cost-effective way to increase your liability coverage. For example, if you have a $1 million umbrella policy, it may only cost you a few hundred dollars per year in premiums. This small cost can provide you with significant protection in the event of a catastrophic accident.
Umbrella insurance is an important policy to have in the state of Utah. The state's outdoor activities and high rate of uninsured motorists increase the risk of accidents and lawsuits. Having an umbrella policy can provide additional coverage beyond the limits of your primary insurance policy, which can help to protect your assets in the event of an accident. While the cost of an umbrella policy will vary depending on your specific circumstances, it is generally a cost-effective way to increase your liability coverage.