Do you need Umbrella Insurance?

By Lexi Myer

Umbrella InsuranceLet’s start with the basics before we dive into who umbrella insurance can benefit.

What is umbrella insurance? It protects you from major claims and lawsuits that could jeopardize your assets or future. In our society today, million dollar plus lawsuits are unfortunately not rare. It is additional liability insurance on top of your liability for your underlying policies (example: If you have $300,000 in liability on your home, an umbrella policy could give you an additional $1 million in liability).

When could I be in a situation where I would need umbrella insurance? This is a great question that would undoubtedly come to your mind. If guests at your house fall and hurt themselves on your property, or a pedestrian steps out on the road and you hit them, or you get in an accident that sends someone sent to a hospital and in need of extensive medical attention. All of these are situations that we could find ourselves in.

Who needs umbrella insurance? I once heard someone say that if you have a job you should have a $1 million umbrella liability policy. Why? If you are sued for any of the above situations, your future earnings could be jeopardized, not just your assets right now. However, if you are a homeowner, land owner, or business owner, those things could also be at risk during a lawsuit.

How much do these policies cost? Since everyone has different assets, this number can vary, but generally umbrella policies cost less than a dollar a day for a $1 million liability policy.

When you are ready for a quote, give me a call or stop by our office in Overland Park! I am happy to assist you with all of your insurance needs.

Lexi MyerAbout Lexi Myer

St. Louis Cardinals fan, Mom of one daughter and one son, and Insurance Agent!
Direct Phone – 913-754-3836

Lexi started at MAX in June of 2016, and has 3 years of experience in the insurance industry. Lexi enjoys spending time with her husband, two children under two, and Chihuahua/Beagle mix Ted. Lexi and her family are big St. Louis Cardinals baseball fans and travel to see them whenever they can. She also works with students of the University of Kansas (KU) as her husband is a campus pastor there.