Ok so read this carefully… if you don’t read anything else on our website then please read this…
If you don’t have a personal umbrella policy then you are asking for trouble.
Most auto and home insurance covers up to a certain point. Once your liabilities get past that point then you are personally responsible for the costs above your insurance coverage.
Huh? What does that mean?
Example: Most auto insurance policies cover $100k per person and a total $300k total (you’ll commonly see $100,000 – $300,000 – $100,000 on your policy). That means if you cause an accident, then your insurance will pay medical bills up to $100,000 for each person, and a grand total of $300,000. If you happen to hit a family of four (god forbid) and their total medical liability costs are say $450,000, with one family member having $150,000 in bills, then you would owe $200,000 ($50k for the one family member and the $150k above the coverage limit).
Where are you going to get that money and quite frankly where do you think their lawyers will get it from? …YOU and everything you own until you pay the bill.
Another example is that trampoline in your backyard. A neighbor kid comes over to play, falls off the trampoline and breaks his neck (hopefully this never happens). Your homeowner insurance will cover up to a certain point… then after that you are personally liable and will most likely have to pay.
A personal Umbrella policy will cover the difference up to the limits of the Umbrella policy.
For example: You purchased a $1 million personal umbrella policy for around $200 annually. You cause the same auto accident above. Your personal umbrella policy will pay for the $200,000 and you will not be personally liable in that case.
A personal umbrella policy is exceptionally important and if you don’t have one you are likely exposing yourself to financial risks needlessly especially considering the relatively low cost of an umbrella policy.
We have lots of other types of insurance available as well… From Pet Insurance to Professional liability coverage.
Please fill out the form below or call us at (540) 645-6195 and we will help you with your insurance needs.