By Kim Bronder
I’m not talking about the kind that you borrow to protect yourself from the rain! We can buy a good umbrella for about $10! I’m referring to an umbrella that can cost anywhere from $150-$300. Yikes!!! This type is an extra layer to protect your savings, & other assets both current and future against property damage, injuries involving non-household members, libel/slander, landlord liability, and auto accidents for which you could be held liable.
This umbrella, called a Personal Liability Umbrella or Excess Liability Insurance, is often recommended to insureds by not only your insurance agent, but by your Financial Advisor as well. The $1 million coverage is additional to your auto and home insurance. Maybe you have heard the saying, “You don’t have to be a millionaire to be sued like a millionaire.” Umbrellas can protect you from unforeseen lawsuits which in today’s world is a real possibility. I’ve had an umbrella policy for years now. It brought me peace of mind with our young children, when they started driving, when we had a pet, being involved in volunteer organizations and now brings me a sense of security to protect our home and assets.
I challenge you to consider an umbrella policy. If you answer “yes” to any of the questions below, then give me a call:
- Do I own property and/or rental property?
- Do I drive a car?
- Can I afford to take time off from my job to represent myself if I were to be sued?
- Would my family be able to support themselves if I or a family member were held responsible for a tragic accident?
- Do I coach or play in sports where I could injure someone?
- Am I on the board of a nonprofit? Do I volunteer?
- Do I entertain friends and family at my home?
Source: Nerdwallet: https://www.nerdwallet.com/blog/insurance/umbrella-insurance-complete-guide/