Do you need a Personal Umbrella Insurance Policy? Surely yes
Newspapers tell us the stories of lawsuits on a daily basis: cases in which the jury awards multi-million dollar awards for injuries and even death as a result of car, home or boating accidents.
If you’re like others who haven’t purchased enough liability coverage, you could face catastrophic losses from any number of accidents. This can result in financial ruin for you and your family.
What is the solution? Umbrella insurance protects you along with your current auto, home or boat coverage by providing additional protection that kicks in once your other limitations are exhausted.
The Personal Umbrella Insurance Policy: A Vague Definition
Functioning as a catastrophic prevention plan, the personal umbrella policy covers you and your family from liability in the event that a jury decides to award others and you have to pay the amount.
The umbrella policy features additional liability limits to your home, condo, or renters policy, as well as your auto policy of at least $1,000,000. More coverage – can also be purchased up to $5,000,000. This can provide protection against risks that may be excluded under any current policy.
Examples of Related Lawsuits
1. A neighborhood boy was helping to clean the gutters of a homeowner. The boy unexpectedly slipped and fell from the roof and sustained an extensive neck injury. One lawsuit ended with the injured boy being awarded $1,500,000 to pay for the numerous surgeries he needed.
2. After a car accident that resulted in serious injuries to a single mother and her 2-year-old son, the jury awarded $1,700,000 against the motorist who caused the accident.
3. A vacation to a ski resort ended in tragedy when the teenager lost control down a mountain and collided with four, resulting in serious injuries. $1,200,000 was awarded to a victim who suffered from having her face disfigured.
4. While driving her son and his friends to a baseball game, a mother was in a car accident. Some children suffered serious injuries. The parents sued the driver of the car, and the court later awarded amounts totaling $1,600,000.
Everyday scenarios that can happen to anyone…
Considering a blanket policy? Look at your current income and assets, as well as your future income and assets. There is no better time to build more defensive protection for your family than today.
Are you:
• Do you own a house or condo?
• To return?
• Own a car or vehicle?
• A parent of a young driver?
• Do you own a boat, ATV, or motorcycle?
• 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 and no more than the general insurance issue.