Have you ever wondered why anyone would need an umbrella policy?
Many people simply aren’t aware of what an umbrella policy has to offer. An umbrella policy covers liability above and beyond your current insurance policies. So who needs this additional coverage? As you will discover, it can benefit almost everyone.
Liability risk factors
There are many reasons someone should consider an umbrella policy. Some things to consider are if you:
- Own a home, other assets, or have retirement savings
- Drive a vehicle including cars, motorcycles, boats, ATVs, or any other type of vehicle.
- Have guests over to your home.
- Own rental properties.
- Have children who live at home or are off at college.
- Ever care for others’ children (i.e., carpooling, babysitting or sleepovers).
- Have animals or pet sit for others.
- Anyone in your home uses social media
- Travel to other countries.
- Volunteer in any capacity.
- Own guns or other recreational weapons such as bow and arrow.
After examining this list, you can see why most everyone could benefit from a good umbrella policy. We all incur some risk of liability just by living our daily lives. If you can check off several of the items above, it’s important to talk to an insurance agent about getting umbrella coverage.
Benefits of a good umbrella policy
An umbrella policy can cover painful legal costs in the event of a lawsuit. The monthly premium is minuscule compared to the legal fees that would be paid for by your policy.
Another benefit is that an umbrella policy can sometimes pick up the slack when you have an auto accident with an uninsured motorist. This might include medical bills or repairs to your vehicle.
An umbrella policy has a low cost but a high value. If you’re looking to save money, you can raise the deductibles on your auto and homeowners policies with the additional safety of the umbrella policy that will protect you from expensive judgements or losses. This may mean you pay out of pocket for a smaller expense such as a rock chip repair, however, you’ll be protected from having to pay out a million-dollar settlement.
At EB Insurance Group, we will discuss your current policies as well as your risk factors and come up with the best umbrella policy to meet your needs. Contact us today!