An insurance coverage that offers you peace of mind.

“Should I consider umbrella insurance? Why would I need that? We hear this question a lot. Most people assume that only wealthy people need to have an umbrella policy. While it is true that the more assets you have, the greater your need for umbrella coverage becomes, a good majority of average people should definitely think about purchasing this relatively inexpensive coverage.
Consider this – Your daughter hits the gas pedal instead of the brake by mistake and runs through the front of a restaurant, severely injuring several people. Your son blinds a playmate with his BB gun. A neighbor breaks his neck by diving into the shallow end of your swimming pool. Your teenager’s friend drinks liquor at your house, then paralyzes another driver in a car crash. On your ski weekend in the mountains you collide with another skier seriously injuring them.
Which of these scenarios would make you a candidate for umbrella insurance? All of the above.Umbrella
Umbrella insurance gives you an additional layer of liability coverage above your homeowner’s, renter’s, auto and other policies. Your car, house, investments and retirement accounts, as well as your normal checking and savings accounts and even future income, are all considered assets. It is important to know that if you are sued for a lot of money and do not have enough liability insurance or an umbrella policy to cover those costs, all of your assets are exposed.
A typical auto policy protects you for up to  a maximum of $500,000 in liability coverage, and usually less. Keep in mind, If you or one of your family members causes damage, injury, or death to another party, the costs can run into the millions. If you are sued, the umbrella policy covers the settlement, plus attorneys’ and court fees. People typically choose to buy an umbrella policy because they want to prevent the possibility of financial ruin due to one misstep or unforeseen accident. Umbrella insurance provides protection to hopefully prevent such an outcome.
Coverage for an umbrella policy typically starts in the range of $150-$200 for a $1 million policy. Your premium will increase if you decide to increase coverage. Most people find this a pretty fair price in exchange for the peace of mind that their home, bank accounts, or future income won’t be in jeopardy over an unfortunate incident leading to a lawsuit.
With the availability of a policy that can reduce the risk of loss of your current and future assets, why wouldn’t you want to consider an umbrella policy? As always, please contact our office if you would like more information about this coverage or if we can assist you with any other questions or concerns you may have about your insurance policies and premiums.