By: Denise Koslowsky
A Personal Umbrella is something that EVERYONE should consider adding to their insurance portfolio. In today’s litigious society, an excess liability policy, as it is sometimes called, gives you an extra layer of protection should some type of unexpected accident occur and you get sued. A Personal Umbrella is affordable and it provides coverage beyond the limits offered by your homeowners, renters, automobile or watercraft policies.
It is also important to ensure that when you add this type of coverage to your portfolio that you are certain that you have enough coverage. Unfortunately, the more you have acquired in life, the more you need to think about how your financial security could be impacted; the more you have, the more people want to take.
Our friends at Chubb recently shared some surprising statics with us and we wanted to make sure to share it with you:
10% of financially successful people have faced judgments of $100,000 or more and 3% have been sued for over $1million
So although 74% of financially successful people have an umbrella, when it comes to facing a lawsuit, it may not be enough. Not convinced that upping your Umbrella insurance limits is worth considering? Consider the story below…
The gentleman in the story was all set to enjoy a golf outing with friends and colleagues when an accident resulted in a lawsuit in which he was ordered to pay $3.6 million in damages!
As an insurance agency that believes in educating each client we serve, we frequently discuss excess liability policies with our clients. If you already have a personal umbrella, we want to help you be sure you have adequate coverage.
We are here for you. If you are unsure if your current coverage is sufficient, we encourage you to get in touch with us. Think of a Personal Umbrella as your Sleep Better At Night policy!