Carry an Umbrella in Any Weather
I don’t like it, but I try to understand when people tell me they can’t buy life insurance "right now" because they need a new car, or they are buying a new house.
Assets are important to everyone and do take priority when one thinks of immediate need, but do you know how quickly they can become endangered?
Picture this: you’re driving home from work in a blinding rainstorm and you accidentally cross the center line, hit the oncoming vehicle, fatally injuring the driver and causing serious injuries to two passengers. Your automobile bodily injury liability limits would probably be insufficient to settle all claims. Any incident that triggers potential problems with sufficient coverage could be as innocuous as swinging your golf club and hitting someone in the eye, causing blindness.
Your homeowners liability would cover the damages from that situation but most likely not entirely. In today’s "sue or be sued" world, your chances of becoming the target of a large lawsuit are growing. You could lose your hard-earned savings, personal property and even your future earnings.
A personal liability umbrella policy should be in everyone’s insurance portfolio.
It extends your coverage by adding a layer of protection over and above your primary limits.
In the scenarios above, your umbrella policy could pay up to an additional $1 million for covered damages. The extension of liability protection is provided for your cars, motorcycles, primary residence, seasonal residence, watercraft and rental dwellings. The average homeowner with two vehicles could buy this protection for less than $150 a year.
Check with your agent on what underlying limits you need, and optional endorsements that can be added to the umbrella policy. This is a good buy for the money, and a very wise one also.
If you own a business, you can’t get the liability extension under your personal umbrella, but need to have the business umbrella. It is always good to save for a rainy day, and an umbrella policy will guarantee that "rainy days" might not even happen. TPW
Assets are important to everyone and do take priority when one thinks of immediate need, but do you know how quickly they can become endangered?
Picture this: you’re driving home from work in a blinding rainstorm and you accidentally cross the center line, hit the oncoming vehicle, fatally injuring the driver and causing serious injuries to two passengers. Your automobile bodily injury liability limits would probably be insufficient to settle all claims. Any incident that triggers potential problems with sufficient coverage could be as innocuous as swinging your golf club and hitting someone in the eye, causing blindness.
Your homeowners liability would cover the damages from that situation but most likely not entirely. In today’s "sue or be sued" world, your chances of becoming the target of a large lawsuit are growing. You could lose your hard-earned savings, personal property and even your future earnings.
A personal liability umbrella policy should be in everyone’s insurance portfolio.
It extends your coverage by adding a layer of protection over and above your primary limits.
In the scenarios above, your umbrella policy could pay up to an additional $1 million for covered damages. The extension of liability protection is provided for your cars, motorcycles, primary residence, seasonal residence, watercraft and rental dwellings. The average homeowner with two vehicles could buy this protection for less than $150 a year.
Check with your agent on what underlying limits you need, and optional endorsements that can be added to the umbrella policy. This is a good buy for the money, and a very wise one also.
If you own a business, you can’t get the liability extension under your personal umbrella, but need to have the business umbrella. It is always good to save for a rainy day, and an umbrella policy will guarantee that "rainy days" might not even happen. TPW