It’s a common misconception: Umbrella coverage is too expensive and only for rich people. But the reality is the vast majority of your typical possessions and everyday activities make umbrella coverage essential. So who could benefit from an umbrella? Customers who:
* Drive a car or let someone else use their car
* Host dinner parties or other gatherings
* Use social media sites
* Have children and participate in carpools or other activities
* Own a home, rental properties or multiple residences
* Have a pool, hot tub, trampoline, ATV, boat, motorcycle or other 'toy'
* Have a pet or occasionally watch a pet for someone else
* Travel overseas and rent a car
While many of these activities are covered by underlying policies, a few are not and a Personal Umbrella Policy may apply in that instance. For example, most auto policies have geographical restrictions, but our umbrella policy provides worldwide coverage. An umbrella policy will also protect you if the damages exceed the limits of your underlying policies. Other points include: Umbrellas may kick in when underlying home and auto policy limits are exhausted and can help fill potential gaps in coverage. Liability coverage on an auto insurance policy can fall short if you’re in a catastrophic car accident Damages can add up quickly if you are sued for hospital bills, lost wages, and pain and suffering. If you’re sued for an accident and can’t pay the damages, plaintiffs can go after your income and, in some states, your retirement savings.
A Personal Umbrella is also very affordable. A $1 million umbrella, in most cases, is less than $200 for an annual policy.
In today’s society with rising medical costs, huge court and legal costs, many of our clients are choosing to carry a personal umbrella policy in addition to their auto, home and recreational policies. This provides them with an additional $1 million, $2 million, or even $5 million liability limit ABOVE their existing auto, home or RV/Boat limits.
In order to qualify for one of these policies, there are certain requirements for the underlying policy limits. We would be happy to go over them in an insurance review.
Call or email us today for more details and a quote!
