Understanding an Umbrella Policy
Coverage that steps up when you need it most!
Any umbrella policy, whether it’s coverage for you personally or coverage for your business, pretty much picks-up where your other policies “leave off”.
Umbrella policies can protect personal and future assets, wages, inheritances, or those lottery winnings (that you are planning for).
Let’s talk about examples of when an umbrella policy would come in handy. First, how many of these points apply to your life?
- You own a car
- Have regular income, assets, or retirement savings to protect
- Have children, especially a teenage driver
- Use social media or allow your children to use social media
- Have pets
- Own a home
- Host parties or entertain guests in your home
- Carpool or host other people’s children at your house
- Serve on a board or perform volunteer service
- Travel abroad
- Own a watercraft, ATV, snowmobile, golf cart, motor home, or other recreational vehicle
- Rent a boat, snowmobile, ATV or other recreational vehicle while on vacation
- Own rental properties
This scenario could apply to your personal life, or to your business that you own:
You collide with another car. All three people in that car are injured from the incident. Plus, a couple of bystanders were in the wrong place at the wrong time. Expenses that come up when bad, unpredictable things like that happen are; expensive medical bills, court costs, lost wages, pain and suffering, and property damage costs like the other car, (or the storefront/ car lot that both of your cars demolished) just an example…
Consider your extra layer of coverage
Limits with an umbrella policy exceed above and beyond coverage limits for your homeowners and auto policy. Considering the expenses that were discussed above, you can see that the liability limits of $500,000 on your homeowners or auto policy seems scarce!
Life is so unpredictable!
Disclaimer: This material is provided for informational purposes only. Individual policies have have specific coverage details. Coverage is subject to terms,conditions, limits, and exclusions. Talk to a Fusting & Dugan Independent Insurance Agent for specific policy info.