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The best kept secret we’re not trying to keep

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Steve SchofieldMany people think about home and auto insurance this way: I’ve got both so now I’m covered.

What they don’t realize is that, unless they also have umbrella (personal liability) insurance, they may not be covered for as much as they think.

Umbrella insurance is one of the best kept secrets because many people assume their auto and home insurance offer them adequate protection. However, you may be surprised at the situations in which you may need umbrella insurance as well. Here are a few examples:

  • A car accident occurs with multiple people who are seriously injured, and you are found responsible for the medical bills. If there is a court judgement against you for $800,000 but your auto bodily injury per accident policy limit is $500,000, you are responsible for the amount above your auto policy limit.
  • If your accident involves a semi-truck carrying cargo and that cargo is damaged, you may need to pay for it.
  • Striking a power pole or building can result in a significant liability.
  • Being a chaperone on a school field trip opens you up to financial risk if one or more of the children get hurt.
  • If you ever face charges of slander, libel, or defamation of character, you’re not likely covered unless you have an umbrella policy.

The other big surprise about umbrella insurance is how affordable it is for so much protection. Depending on your circumstances, the usual cost of a $1 million personal umbrella policy is between $175 and $225 per year.

Insurance is about more than just covering your home and car. And now you’re in on the secret, we can help you make a decision about umbrella insurance based on what’s best for you. Give us a call at 1-800-279-4010 to learn more about umbrella insurance or get a quote. Or, set up a phone consultation that works best for your schedule.

Steve Schofield, Personal Insurance Consultant