PERSONAL UMBRELLA

A critical, but often overlooked , component of personal risk management.

“An umbrella insurance policy is the absolute best buy in the insurance business.”1

Sometimes things go wrong – a car accident, a guest slips and falls on your property, a lawsuit. If you don’t have the right coverage, an unfortunate situation can compromise your financial security.

What does umbrella insurance protect?

A personal umbrella insurance policy offers an extra layer of liability protection for your wages, house, investments, cars and boats if you’re in a serious auto accident or there’s an accident on your property.

It's important to have sufficient coverage to protect your current assets and future earnings if you’re involved in a serious accident or lawsuit. Otherwise, you could be liable for more than your current auto or homeowners coverage limits.

How personal umbrella insurance works

A personal umbrella policy extends the bodily injury and personal damage liability limits of your home or auto policies. Consider the following scenario:

Your home insurance provides $300,000 of liability coverage. A serious accident happens on your property, and you’re sued for $1.3 million resulting in a judgment against you.

Your insurance pays up to $300,000 for a covered accident, but you hold responsibility for paying the remaining $1 million.

If you had $1 million of coverage under an umbrella insurance policy, you’d be covered with nothing out of your pocket (other than your monthly premium). Instead, without the additional protection from a personal umbrella policy, you’re looking at the possibility of needing to liquidate your assets to pay the remaining $1 million in this example.

Talk to an agent to find out what the best level of coverage is for your situation.

[1] http://www.bankrate.com/finance/insurance/what-is-umbrella-insurance.aspx

Many collector cars appreciate with age. If your car is ever totaled in an accident, you want to be sure you'll receive a fair market value – not the depreciated value.

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