Umbrellas: Not Just for Rainy Days

Let’s talk about umbrellas, no, not the ones that you can buy from the store to protect your amazing hairstyle from getting wet in the rain. Let’s talk about the umbrellas that protect you and your assets, as well as your future assets. To what kind of umbrella am I referring, you ask? A personal umbrella is designed to protect your family’s assets against lawsuit claims which could jeopardize your financial future.

An umbrella policy broadens your coverage and extends to your home, auto and rentals. It provides coverage for Personal Injury, Negligent Damage, and Worldwide Travel Protection & Skilled Legal Counsel.

Let me ask you some questions….

  • Do you own a home?
  • Do you own a car?
  • Do you own a boat?
  • Do you have property you rent out?
  • Do you have young drivers in your home?
  • Do you have a pool?
  • Do you have a dog?

If you answered “yes” to any of those questions, then you are at risk of having a loss that could potentially get you sued. If someone were to be hurt on your property and or hurt by you or your family in a car accident they could sue you for pain and suffering. It doesn’t matter how rich or poor you are, if you are responsible then chances are you will have to pay.

Let’s say you or your underage child causes a car accident and someone is hurt, or you have a rental property and your tenants decide to have a BBQ and someone gets hurt. Do you think you are obligated to pay? The answer is YES. Now, let’s assume you have a liability limit of $500,000 and they sue you for a $1,000,000. Sure, your policy is going to pay, but they are not going to pay over what you are insured for. You now have $500,000 more that you have to pay out of pocket. Maybe you’re thinking you don’t make much money or you are in school so you don’t have the money to pay. Here’s the truth, they will take that into consideration, but they will also take into consideration what you will make in the future. So you may not pay now, but you will be paying later. If you have the money, but you are saving it for your child’s college tuition or for retirement, guess where that other $500,000 is coming from?!

Personal umbrella policies can cost as little as $12.00 a month to give you an extra $1,000,000 in liability coverage. This coverage can be very important in protecting you. You may be thinking this won’t happen to me, I don’t need it. But what if it did? The only way of avoiding it is by not owning anything or going anywhere. Life happens to all of us. We work hard to make a living for ourselves. Do you really want to risk everything you have by saying this won’t happen to me and not getting the coverage you need?

If your hair and clothes are worth protecting with an umbrella then don’t you think your family and the assets you have in life are worth protecting, too? For more information about personal umbrella policies, contact your independent insurance agent today.