Do you know what an umbrella is? We’re not talking about the kind that protects you from a rainy day, though the personal umbrella policy may protect you from the proverbial rainy day.
Do you have teenagers, pets, a pool, hot tub, live on or near a lake, in a condo or homeowners association? You need an umbrella. Do you drive, post on Facebook or Twitter, coach little league or even attend little league games? You need an umbrella. There isn’t one single person out there that shouldn’t have one.
What is a personal umbrella policy?
Umbrella policies provide additional liability coverage above and beyond the liability already included on your home and auto policies. The coverage will also extend liability over your recreational vehicle and boat policies. They’re also designed to fill liability “gaps” not covered by your other policies. Umbrella policies also provides coverage for attorney representation. Did I mention that the cost of an umbrella is generally equivalent to ONE hour of a lawyer’s time? Some umbrella claims can go on for years, costing thousands and thousands in legal fees.
Imagine shelling out $500,000 when you don’t have it to spare! If you don’t have $500,000 to cough up, you could see your assets gone, future earnings and income garnished. Nobody wants that!
How do you determine how much umbrella coverage to purchase? What is your net worth? You may think you only have the assets that are right in front of you, but you have way more to protect that that!
Picture this; you’re 28, just graduated medical school and are about to start your career as an orthopedic surgeon. Your potential earnings are endless. Say you have company over and your Doberman bites one of the guests. They seek the help of their attorney and sue you for $2million. Do you have enough liability to cover yourself? Do you want that much money to be garnished from you as you begin your career?!
OR what about this?
You’re driving along the road when you hit a motorcyclist. Come to find out this man is a neurosurgeon at the height of his career. As you hit his motorcycle he flies off, landing on his hands. His earning potential is tremendous. He decides to sue you, Joe Average, for $5million, because he can never work again as a surgeon. Do you have the money to pay that out of pocket? Does your auto policy carry enough liability to protect you?
The cost of a personal umbrella starts around $100 and increases with the more cars, homes, drivers, boats and other “toys” you may have. Give us a call today for your piece of mind!
