Do I need Umbrella Insurance?

A lawsuit could drench you in debt, an umbrella policy can keep you dry during the storm.

Do I need Umbrella Insurance?

That is a really good question. To get the answer add up your assets. The value of your home, all property owned, money in the bank, stocks, bonds, available funds in your 401k or other retirement plans. Then see how much liability coverage you have by looking at your home and auto policies. Now, is the liability coverage on each policy enough to cover your assets? If you don’t have protection that exceeds your assets then you really need to consider umbrella insurance.

Umbrella insurance isn’t just for the wealthy. Think about this, what if you were in a multiple car accident? If you are ever found at fault for a major accident involving several cars carrying multiple passengers, your auto liability limits may not be enough. Even if there are no injures, the damage to the cars alone could cost far more than your property damage liability will cover.

Do you have a swimming pool, trampoline, or playground equipment in your backyard? If you or your child have friends over and they suffer a serious injury, you could be responsible for some big medical bills and an expensive lawsuit. Your homeowners policy offers liability protection but, you’re responsible for paying anything over your liability limit. This is why you should carry an umbrella policy.

If you have any questions about your coverage please call our office during regular business hours and Mike will be happy to go over your policies with you and help you determine if you have adequate coverage.