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Why You Need a Personal Umbrella Insurance Policy

Personal Umbrella Insurance Policy

Today, lawsuits are everywhere. Courts are awarding larger settlements than ever before and automobile insurancehome insurancemotorcycle insurance and boat insurance policies all have maximum liability limits. What would happen if you were found to be at fault and your insurance policy liability limits were exhausted?  Did you know that damages could be awarded to the injured party for the following?

  • Medical care and related expenses.
  • Loss of income due to time spent unable to work or undergoing treatment.
  • Permanent physical disability or disfigurement.
  • Loss of family, social, and educational experiences, including missed school or training, vacation or recreation, or a special event (i.e. wedding.)
  • Emotional damages such as stress, embarrassment, anxiety and depression.
  • Property damage.
  • Pain and suffering.

Possible, real life examples:

You have a scented candle burning in the bathroom. A guest goes to wash her hands, ignites her sleeve and clothing and suffers third degree burns. You are held liable and $917,000 was paid.

Your 14 year old is online making derogatory comments about his teacher to his friends and they are posted to a website. The teacher finds out and sues. You are held liable for $750,000.

King, your normally peaceful dog that didn’t have a vicious bone in his body suddenly lunges at little Johnny’s face, ripping his nose. A permanent scar and an $875,000 judgment against you result.

You mistakenly back your Ford pickup into a fire hydrant, bursting the water main. This causes a sinkhole, the loss of hundreds of thousands of gallons of water, cost of business interruption to the businesses on the street as well as all of the property and paving repairs. You are held responsible for $1,200,000.

So what is at risk for you? 

Everything you own! If damages are awarded that exceed your policy limits then everything is at risk. This includes: the equity in your home, your business interests, your savings, your personal possessions, and your future wages. They are all on the table.

What can you do?

Protect Your Lifestyle and transfer the risk to an insurance company by purchasing a personal umbrella insurance policy that provides an extra layer of protection for you and your family.  The good news is that this additional liability coverage, available in $1 million increments, is surprisingly affordable and in many cases, is available for $200-$300 per year for the first million dollars. This is certainly a bargain by any standards when you consider that this can give you peace of mind and can protect all of your assets. Please bear in mind that, in order to qualify for an umbrella, minimum liability limits are required on your home and auto insurance.

About Huff Insurance:

Huff Insurance is a full service Independent Insurance Agent We have been dedicated to Protecting Lifestyles™ since 1960. We offer a full array of Personal Insurance, Commercial Insurance and Life Insurance & Health Insurance products. Call us at 410-647-111

Jerry Nicklow

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