Why Do I Need a Personal Umbrella?

Ever wonder if you have enough insurance? A Personal Umbrella policy can take that worry away!

First, let’s explore what a personal umbrella policy is.  Per Trusted Choice®, “an umbrella policy increases your liability coverage substantially—more types of claims are covered and at a higher limit.” (Source: https://www.trustedchoice.com/umbrella-insurance/#umbrella)  Personal umbrella policies provide an additional layer of liability coverage once your underlying liability limits like personal liability, auto liability, and/or watercraft liability are exhausted.  Furthermore, some umbrella policies provide coverage where your underlying policies do not such as personal injury protection should you be sued for libel, slander, defamation, or invasion of privacy.

*As always keep in mind that you do not have to be guilty to be sued!*

Now that we know what a personal umbrella policy is, consider the following list of questions to see if you should consider purchasing a personal umbrella policy:

• Do I have a swimming pool or trampoline in my backyard? “Backyard nuisances” are attractive to others whether or not you are home.  You can be held responsible if someone drowns or hurts themselves.
• Do I own a pet? Pets are protective of their homes and owners, and sometimes become aggressive when they feel threatened.  In 2012, more than 27,000 people underwent reconstructive surgery as a result of being bitten by dogs.
• Are there any young drivers in the household? Inexperienced drivers are the most volatile exposure you can have in your household.
• Do I own a boat? Improper and unsafe use of watercrafts account for the majority of watercraft liability claims. All it takes is one really bad accident to exhaust your watercraft liability limits.
• Do you carry personal auto insurance? In today’s litigious society, auto insurance claim costs are on the rise.  With auto coverage following the car (not the insured), your auto liability limits can be at risk anytime you let someone borrow your car.
• Are my personal assets (i.e. home, auto, retirement savings, business income, etc.) worth more than the liability limits on my underlying policies? If so, those assets are at risk should you be sued because you don’t have enough liability limit in place.

Bottom line, will a personal umbrella policy give you peace of mind so you can sleep at night?  That’s what insurance is there for…to help you sleep easy knowing that if the worst happens, you have protection.  A personal umbrella policy can give you that peace of mind when it comes to liability by increasing your liability limits at a truly affordable cost.

It’s Cheap!

On average, a $1 million personal umbrella policy ranges from $150-$200 per year.

So when life rains on you, make sure you have a personal umbrella to cover you!