You don’t have to be a millionaire to get taken to court and sued like one. Umbrella Insurance is an absolutely crucial part of any solid insurance package, whether you are an individual or business owner.

How does Umbrella Insurance work?

There are two main functions of an Umbrella Policy:

  1. Fill in gaps, and provide coverage where underlying policies might exclude, or limit such coverage
  2. Act as a “reserve” or “excess” policy, that will step in, in the event your underlying policy limits are exhausted as a result of a catastrophic claim

Who needs an Umbrella Policy?

The simple answer is that everyone should have an umbrella policy. Why?

The entire purpose of insurance is to transfer as much risk away from you, to the insurance company. An Umbrella Policy is a great way to do that, and what’s more, Umbrella Policies are very affordable, which makes it an even easier decision to buy on.

For a couple hundred dollars per year, you can purchase an umbrella policy that provides you with an additional $1,000,000+ liability limit. If you do that math, that’s literally pennies on the dollar.

Unique Situations That Require and Umbrella Policy

Here are a few risky situations, where purchasing an Umbrella Policy is an absolute must:

  1. You own a rental property (or multiple rentals)
  2. You own and/or lease commercial property
  3. You own a boat, or any other kind of “toy” like A.T.V. etc..
  4. You have a “youthful” driver in your household
  5. You own a secondary residence
  6. You have a pool

These are just a few examples, and at the end of the day, Umbrella Policies are so inexpensive, even people without these types of exposures should strongly consider purchasing one.

It only takes one tragic accident to be sued for everything you own, and there’s no better way to protect yourself from this type of situation, than with Umbrella Insurance.

If you’d like to discuss your options, and see if you qualify for an Umbrella Policy (because not everyone does) call our office or submit a quote request and we’ll get the process started.

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