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ARE YOU REALLY PROTECTED?
Catastrophes Happen! Are your assets properly protected from the
threat of liability?
Are you humming through life and whistling the “it won’t happen to me” tune? We
can’t predict the unfortunate and sometimes catastrophic events that occur in life
but we can protect our financial well-being. You may think that your homeowners
policy and auto policy have you all wrapped in protection. Think again, the more
personal property that you have and the more individuals using that property exposes
you to more liability. As your life grows, your current personal insurance policies
may not give you the extra coverage that you need to be fully protected. The answer
for many people is a Personal Umbrella Policy.
Maybe you have a vacation home(s) with a boat, you enjoy entertaining in your home,
you donate your time as a board member for a non-profit organization, you have a
delivery of new furniture to your home, you have a child that is starting to drive.
Any of these seemingly benign activities could take a turn that injures a person
and/or property. You hear about lawsuits occuring everyday either in your local
newspaper or on tv. They range from serious injuries due to tragic accidents to
outrageous situations that you may not have been able to conjure up in your own
imagination. There really is no end to the possibilities of potential incidents
that can create a liability exposure for you. These exposures to liability could
easily exceed the coverage that you have with your separate personal homeowner and
vehicle policies.
What is a Personal Umbrella Policy?
A Personal Umbrella Policy is a safeguard for your assets, with coverage amounts
available as high as $100 million, depending on your needs. The personal umbrella
policy will provide excess liability coverage over and above your primary auto,
homeowners and watercraft or other policies for things such as bodily injury, property
damage and legal defense costs. In certain cases, an umbrella policy may drop down
to provide primary liability coverage for unusual situations where you may not have
a primary policy. Some companies also offer additional coverage that can be added
to a personal umbrella to help customize the policy.
All Personal Umbrella Policies are not created equally!
Just as all auto and home policies are not the same, the needs of each individual
are not all the same. Some companies talk a good “umbrella game” but may not be
giving you what you need. Your needs for umbrella coverage are unique to you and
the product that serves you should be tailored to fit the needs of your specific
situation and assets. It is important for your agent to work with you closely to
make sure that your umbrella coverage gives you the correct and most effective product
for your situation. Talk to your Auto and Home agent. Your agent will work with
you on a careful analysis of your assets and exposures to help guide you to the
correct personal umbrella policy for you. Keep in mind, this important coverage
is usually relatively inexpensive, especially given the peace of mind it can help
to provide.
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