You need an umbrella when it rains. You also need a personal umbrella insurance policy when it rains a lawsuit your way. The umbrella that you use when it rains is usually very affordable. Likewise, a personal insurance umbrella policy that you need in a situation that requires protection is also very affordable. Catastrophic loss can occur in seconds and an umbrella is a policy that will protect you, your assets, and FUTURE earnings. Here are five reasons to consider a personal umbrella policy:
1. You have a teenage driver. Teenage drivers are inexperienced and will likely have an incident before they are 21. If your teenager injures someone, your auto policy may not have enough coverage; an umbrella can help to protect you. You will also want to include uninsured motorists’ coverage in that umbrella - but that could be an entirely new blog subject.
2. You have a swimming pool. Unfortunately, I have a friend who had a relative drown in his pool. An umbrella won’t fix the emotional damage, but it will go a long way toward protecting you in case such a dreadful situation happens in your pool. Neck injuries, concussions and similar incidents are more likely when you have a pool.
3. You serve on a non-profit board. If so, you could be at risk for someone suing you. If you make what is viewed as a bad decision, or face claims of harassment, libel or slander, you could benefit from a personal umbrella policy. Non-profit boards are risky, and they require protection.
4. Do you coach a youth sports team? Many leagues have liability insurance, but is it enough? Is it even in force? I have seen youth coaches many times running drills where someone could get seriously injured. My daughter broke her wrist because the volleyball coach thought it would be a good idea to run backward! Her wrist has never been the same.
5. You have a rental property of any sort. Do you own a second home that accepts short-term rentals? If so, it’s highly likely that someone is going to get hurt, because they are excited to be on vacation!
Let us help you prepare for a rainy day. Contact us for a free quote.