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Why You Need Umbrella Insurance

By February 10, 2022Insurance

Life is unpredictable. You already know this. But have you considered all the risks you currently face? Distracted drivers. People using social media to expose others’ dirty laundry. Teen drivers, carpools, pets, parties, and even your occasional housekeeper are all examples of everyday risks.

Our society is also more litigious than ever, and lawsuits are commonplace. So it isn’t a question of whether something unexpected will happen, it’s really a question of when.

Many people only carry $100,000 of liability coverage. It sounds like a lot of money, and it is! However $100,000 doesn’t go very far when you consider the results of a serious accident (medical bills, pain and suffering, lost wages, emotional distress, and more).

What happens if someone gets hurt and you don’t have enough insurance?

That’s where umbrella insurance comes in!

Simply put umbrella insurance adds an extra $1 million, or more, of coverage above your existing policies. It gives you greater peace of mind and protects you against life’s unexpected surprises.

You don’t have to be a millionaire to be sued like one.

Umbrella coverage isn’t just for high earners. It’s for everyone, especially if you:

  • Own a home
  • Have regular income
  • Have retirement savings and other assets to protect
  • Entertain guests in your home
  • Have a teenage driver
  • Host sleepovers, children’s parties, carpool children or allow your teen to babysit
  • Serve on a volunteer board or participate in your HOA
  • Use social media
  • Own rental properties
  • Travel outside the U.S.
  • Own a watercraft, RV, snowmobile, ATV, golf cart or other “toy”
  • Have pets
  • Own firearms or other recreational weapons

How many of these apply to you? Each one increases your liability and your need for a risk assessment with an independent agent. Understanding your risk helps you better protect yourself and your family.

Peace of mind costs less than you think.

Without an umbrella policy, your assets, savings, and even your future income could be at risk if you are held legally responsible for a claim. For about the cost of a dollar a day, umbrella coverage offers an affordable way to prepare for the unpredictable.