Personal Umbrella : Maximizing Protection
Extra coverage for life’s
When it’s YOUR fault…
…a personal umbrella
serves as additional liability
coverage to protect your assets
When it’s NOT your fault…
…a personal umbrella
adds un- and underinsured liability
coverage to protect your income and assets
“Sorry, but that won’t happen to me.”
Imagine you’re in a car accident, and that it’s your fault. You’ll be held responsible for property damage and medical bills. Now think about it a little more – depending on the severity of the accident and extent of injuries, it’s possible you’ll also be held responsible for lost income. Further, depending on the extent of injuries, property damage, and lost income, you could end up being held responsible for huge amounts of money that exceed the liability limits on your home and auto policies.
An umbrella policy can provide extra protection in the event you find yourself in a legal battle and your other liability limits are exhausted. As much as we hate to say it, bad things happen to good people at unintended times, and one unfortunate accident could bankrupt you and your family. A personal umbrella policy provides additional cushion so that you, your family, and your loved ones are adequately covered for even the most extreme circumstances.
“But wait, it was the other guy’s fault!”
There are several ways to protect your family’s assets — life insurance, investments, and long-term disability, just to name a few. However, one of the easiest additions to your insurance package is to include uninsured and underinsured liability coverage in your umbrella policy. We know it’s a scary thought, but roughly 1 in 7 drivers on the road is uninsured. Add to that the number of drivers who are underinsured — drivers who only carry the state minimums for coverage — and we’ve got a lot of people driving among us who wouldn’t even be able to cover the expenses of an accident they caused!
As a result, it’s extremely important to us as an agency that you understand why UM/UIM coverage is so critical — if you’re involved in an accident and the person who caused it either [a] doesn’t have insurance, or [b] doesn’t have enough insurance to pay for your injuries or lost income, well… that’s a huge problem! It would also come into play if you’re the victim of a hit-and-run – whether in a vehicle, on a bike, or as a pedestrian, someone hitting you and leaving you with no insurance policy to collect against makes it an “uninsured” motorist claim.
When else would an umbrella be helpful?
- False claims
- Malicious prosecution
- False arrests
- Damage or injury caused by pets
- Personal injury
- Excessive property damage
- Hit and run
- Drunk driver
- Travel to different parts of the world