Who needs umbrella insurance?
Umbrella insurance is a “must have” insurance policy for many people in many different types of situations. For example – if you own a business, if you coach youth sports, if you hunt, fish, or ski, if you own a pool, trampoline, rental properties, or any property at all, it’s a good idea to look into umbrella policies. All of these things can be an additional risk, that can cost you a lot of money if the worst were to happen.
An Umbrella policy is personal liability coverage that covers above and beyond your current auto, home, tenant, or condo insurance. This is extra protection above the current coverage limits. For example, if you purchase an umbrella policy worth 1,000,000, and you have a limit of 100,000 per occurrence, and a 300,000 per policy period on your home/auto policy, this gives you an extra 1,000,000 above your 100,000 for any personal liability incident.
More examples of when an Umbrella Policy would kick in:
- Your dog attacks a neighbor and your neighbor sues you for medical bills, lost wages, pain and suffering etc.
- You cause a car accident involving multiple vehicles and your current auto policy can’t cover the full amount for all of the parties involved.
- You’re out of town and your teenager throws a party at your home and someone brings alcohol. Someone ends up getting hurt, or getting arrested on the way home and you’re held responsible.
- Your child gets in a fight at school and ends up breaking someone’s nose and the parents sue you for medical expenses.
You never believe something like this will happen to you until it does. You’ll be surprised at how inexpensive an Umbrella policy can be (and how much extra coverage you can get!) Give us a call and let’s make sure you’re protected.