WHAT IS
UMBRELLA INSURANCE AND DO I NEED ONE
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What Is Umbrella Insurance And Do I Need One
What Is Umbrella Insurance And Do I Need One.
Most Insurance and we are asked all the time, “Do I really need an umbrella policy?”
Let’s back it up a slight bit, maximum people don’t really know what an umbrella policy is to initiate with.
So let me explain that to you. An umbrella policy is kind alike what it sounds like.
It is an umbrella that goes over all the rest of your policies that provide excess or extra liability insurance.
That’s the main focus. The neat thing about umbrella insurance is that you can also have it provide excess uninsured motorist on the auto side.
On auto, and on boat insurance as well. Yes, I think you should have it. It is very important.
In fact, I won’t drive if I didn’t have an active umbrella policy. To me, it’s that important.
It’s going to protect you for if you have a home, and let’s say you have kids and you have their friends over and one of them might get injured, right. It happens all the time.
This is going to provide excess liability insurance for you. I know you might say, well my kid’s friend’s parents, there not going to sue me.
But the reality is, it happens. And for only a couple of dollars a day, in fact maybe even just a dollar a day.
You can be protected from something like that happening. Do you have a swimming pool in your back ardor a trampoline? Those are extra reasons why you might need an umbrella.
We, in fact, had a claim one time for one of our customers that a neighbor had jumped on their ATV, was running in the backyard, and almost cut off their head because they hit the clothesline.
They then sued the owner of the ATV even though they were not given permission for using it.
The umbrella policy provided extra liability insurance for them and here is the neat thing about an umbrella policy.
It provides legal defense outside of the amount of insurance. Let’s say you got an umbrella at one million dollars.
You’re going to have your defense cost for a lawyer outside of that being covered. So the umbrella is going to pay for your defense, on top of that limit.
It is a very good thing to have. On the auto side, like I said, to me why I won’t drive with it, is because you can have excess uninsured motorist.
So if someone hits you who doesn’t have insurance or enough insurance, it’s going to provide that excess uninsured motorist which is the protection for you medically, if your hurt, or your out of work, because of an injury.
You can actually make a claim against your own insurance for pain and suffering. Say you were a triathlete like I am, and you got in an accident, you could no longer do triathlons.
You literally could make a claim against your policy because of that pain and suffering. So it is very important coverage to have, a different policy. And like I said it is only a couple of dollars a day.
Umbrellas come in one, two million dollars limits very easily, but they go up to five, ten, or even $100million depending on what your need is.
I do heavily suggest it. Again, I would even get in a car without having that coverage.
So I think you should talk to an independent agent like Most Insurance about getting an umbrella insurance policy. Have a wonderful day and be safe up there.
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