Umbrella Policy
Do you have an umbrella policy in place? Do you know what it is for?
I remember talking with a coworker a year or so ago about umbrella policies and realizing that JP and I needed one. After looking into it, I think most of my friends probably need one in place, if not everyone. That month we ended up getting a million dollar umbrella policy in place. Below is why you should consider getting one too.
What is an umbrella policy?
An umbrella policy is like your back up plan in case your coverages on your other insurances run out due to a lawsuit or claim. This policy will cover your liability and defense costs, but will not cover any physical property damage.
Who needs an umbrella policy?
There are definitely people who need this more than others, but in my opinion, everyone should have one in place. Some people who are at risk more than others are dog owners, those with a swimming pool or trampoline, those with teenage drivers, business owners, and more. You could also add up all your assets and see if your current coverages are enough and if not, get an umbrella in place.
Accidents happen and you do not want be left empty handed after someone sues you. Protect yourself and your family. Umbrella policies are very low in cost, a one million dollar coverage averages around $200 annually. How much you need will vary person to person depending on your net worth, your assets, if you are a higher risk person, etc. Talk with your insurance agent and do your own research to determine how much you may need.
Even if you get into car accident and someone is seriously injured, that person could sue you. If your coverage is maxed at $500K and they are awarded more than that, they can come after your personal assets. If you had an umbrella policy in place, your umbrella policy could cover the difference they are owed.
Below are a few real claims on umbrella policies:
Do you have an umbrella policy in place? Share, comment and subsribe.
I remember talking with a coworker a year or so ago about umbrella policies and realizing that JP and I needed one. After looking into it, I think most of my friends probably need one in place, if not everyone. That month we ended up getting a million dollar umbrella policy in place. Below is why you should consider getting one too.
What is an umbrella policy?
An umbrella policy is like your back up plan in case your coverages on your other insurances run out due to a lawsuit or claim. This policy will cover your liability and defense costs, but will not cover any physical property damage.
Who needs an umbrella policy?
There are definitely people who need this more than others, but in my opinion, everyone should have one in place. Some people who are at risk more than others are dog owners, those with a swimming pool or trampoline, those with teenage drivers, business owners, and more. You could also add up all your assets and see if your current coverages are enough and if not, get an umbrella in place.
Accidents happen and you do not want be left empty handed after someone sues you. Protect yourself and your family. Umbrella policies are very low in cost, a one million dollar coverage averages around $200 annually. How much you need will vary person to person depending on your net worth, your assets, if you are a higher risk person, etc. Talk with your insurance agent and do your own research to determine how much you may need.
Even if you get into car accident and someone is seriously injured, that person could sue you. If your coverage is maxed at $500K and they are awarded more than that, they can come after your personal assets. If you had an umbrella policy in place, your umbrella policy could cover the difference they are owed.
Below are a few real claims on umbrella policies:
Do you have an umbrella policy in place? Share, comment and subsribe.
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