Be ready for any storm with umbrella insurance.
Unfortunately, we live in a society where everyone is susceptible to a lawsuit where savings, assets, or future earnings can be wiped out in an instant.
The good news is this: A personal umbrella policy allows for higher limits that pay above your auto, home and other liability insurance limits. A basic personal umbrella policy with $1 million of coverage can have a surprisingly low yearly premium.
Do I really need umbrella insurance?
Take a look at these hypothetical scenarios and ask yourself if any of them could happen to you.
A guest at your pool party (16 year old boy) dives unknowingly and unwarned into the shallow end of the pool and suffers devastating paralysis and injuries.
You are sued for $3,000,000.
Your teenage daughter maintains a blog where she posts messages and photos. Disparaging remarks about her high school principal are included on the website.
You are sued for defamation of character.
You turn a corner and accidentally injure a successful entrepreneur in the crosswalk.
Medical costs, lost earnings, and damages amount to $5,000,000.
Who needs an umbrella liability policy?
You do! Contrary to popular belief, umbrella liability policies are not just for the wealthy. At Wallace Welch & Willingham, we recommend that everyone consider carrying an umbrella policy. If you engage in a high-risk activity or a hobby that increases your odds of getting sued (such as having a teenage driver, owning a swimming pool or entertaining frequently), it is wise to supplement your insurance with a personal umbrella liability policy.
How much does coverage cost?
Additional liability insurance is inexpensive when compared to the added coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating, etc., a $1 million umbrella policy typically costs about a dollar per day. Costs go up an additional $50 – $75 for each million thereafter.
Peace of Mind
While you have the option not to elect umbrella insurance, this policy offers the peace of mind that comes from knowing you are protected in the event of a large liability claim. Contact us today to learn about our surprisingly low premiums.
*Please note that an umbrella policy follows the terms and limits of your underlying coverage.