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Don't be caught with your head in the sand

What is an umbrella policy and do I need one?

When comparing auto insurance companies, you should also consider the possibility of purchasing an umbrella policy. An umbrella policy is a supplemental insurance policy that goes into affect when you reach your limit of liability insurance.

For a relatively affordable amount per year, you may be able to purchase a high-limit personal umbrella policy that can be coordinated with your existing policy.

We have all heard stories of ridiculously expensive lawsuits.  Exposures can range the gamut.  What if: 

  • Your children’s remarks about others on the internet gives rise to a defamation suit; 
  • Your dog playfully knocks over a toddler and you are sued for damages;
  •  You are involved in an auto accident resulting in costs that exceed the limits on your auto policy; or 
  • An acquaintance trips and falls at your home resulting in costly medical expenses.

Let’s face it, you can be sued for legitimate or illegitimate reasons; and to defend yourself is expensive.  Your homeowners and auto insurance covers you for a variety of liability exposures, but may not offer enough protection for a serious lawsuit.  You can get a million dollars of additional protection, without spending more money. 

What is at risk in a liability lawsuit?

You’ve worked hard throughout your life to have the things you have.  To reach a comfortable retirement, you will need your past savings and future earnings to allow you to save adequately.  Your financial well being could potentially be at risk if your insurance coverage is not enough to pay a settlement:

  • Your home and other property may be “attached” to pay debts
  • Your future wages may be garnished
  • Your financial accounts may be frozen by a creditor with a judgment  

How much is an Umbrella policy?

There is good news!  An umbrella policy is very affordable, often around $200 to $250 per year.  It may be more important to have adequate liability protection than to maintain low deductibles on your other policies.  Which would you rather have to pay, an additional $1,500 if your house catches on fire, or potentially hundreds of thousands of additional dollars if you get into an auto accident and seriously injure someone?  

If you would like to find out if you can save enough money on your other insurance policies to pay for an Umbrella Policy contact us today! 

                                           (800) 807-6871 or ( 916) 488-4426  

Posted 2:42 PM  View Comments

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