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Do You Need An Umbrella Policy
An Umbrella Policy is important to protect all your assets if you are ever sued including your investment properties. In our “law suit happy” society, you may need to have an extra layer of liability protection – this is where Umbrella Insurance Policies come into play – again, the protection kicks in when you reach the limits of your underlying auto or homeowner’s liability coverage.
Here are a few examples where an umbrella policy might be useful:
If someone dives off the diving board into your swimming pool and has a spinal cord injury
If you or your teenager has a drinking party and serious accident results (teenage driver deaths account for 13% of auto accident deaths)
If someone is visiting or making a delivery and has a serious injury on your property or is bitten by your dog (dog bite lawsuits are up 30% in the last few years)
If you are involved in an apparent minor “fender bender” accident and the driver of the other car suffers a whip lash, etc. With most auto insurance policies, the maximum amount of liability coverage you can buy is either $300,000 or $500,000 per accident, but damages in a lawsuit can easily add up to millions of dollars. Having an umbrella policy keeps a massive lawsuit from wiping out all your other assets.
Each case that is filed has the potential of taking everything you have from you. An umbrella policy was created to provide additional coverage when a lawsuit brought over injuries and/or property damage that you cause exceeds the limits on your car insurance, homeowner’s insurance, etc
For about $150 to $300 per year, you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that. For a recommendation to a local insurance agent, give me a call and I would gladly make a recommendation. Judy Griffin, Realtor with Keller Williams Realty 850.685.8595.
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