Do You Need a Personal Umbrella Insurance Policy? You Sure Do

The newspapers tell us about the lawsuit stories on a daily basis: cases where the jury awards multi-million dollars for injuries and even death resulting from car, home or boating accidents.

If you are like others who have not acquired sufficient liability coverage, you could face catastrophic losses from any number of accidents. This can result in your and your family’s financial ruin.

What is the solution? Umbrella insurance protects you together with your current auto, home or boat coverage by providing further protection that kicks in once your other limitations exhaust.

The Personal Umbrella Insurance Policy: a Loose Definition

Working as a catastrophic prevention plan, the personal umbrella policy covers you and your family from liability in the event a jury decides to award others and you must pay the amount.

The umbrella policy presents further liability limits to your home, condo or renter’s policy, as well as to your auto policy of at least $1,000,000. More coverage – up to $5,000,000 can also be acquired. This can provide protection for risks that may be excluded from any current policy.

Related Lawsuit Examples

1. A neighborhood boy was helping clean a homeowner’s gutters. The boy unexpectedly slipped and fell of the roof and incurred extensive injury to his neck. A lawsuit ended with $1,500,000 being awarded to the injured boy to pay for the many surgeries he required.

2. After an auto crash that resulted in a single mom and her 2-year-old child’s severe injuries, the jury awarded $1,700,000 leveled against the motorist who caused the accident.

3. A skiing resort holiday ended in tragedy when the teenager lost control down a mountain and crashed into four, resulting in severe injuries. $1,200,000 was awarded to one victim who suffered with having his face disfigured.

4. While driving her son and his friends to a baseball game, a mom got into a car accident. A few kids suffered severe injuries. The parents sued the car driver, followed by the court awarding amounts totaling $1,600,000.

Every day scenarios that could happen to anyone…

Considering an umbrella policy? Contemplate your current income and assets, as well as your future income and assets. There is no better time to construct a more defensive protection for your family than today.

Are you:

• A house or condo owner?

• A renter?

• An automobile or vehicle owner?

• A parent of a young driver?

• A boat, ATV, or motorcycle owner?

• A family with children?

If you fall into one or more of the categories listed above, talk to a knowledgeable independent agent who understands your needs versus more on the matter of umbrella insurance.