Umbrella Insurance - Why? Very Important!
Homeowner's & Auto Insurance - Need Extra!
I am a normal person, a normal family, we work full time, have a beautiful house, two cars, kids and animals. About a year ago, we finally went to see a personal financial planner because we are getting “up there” in age and wanted to make sure that we have what we need when we retire. With our pension plans, 401 (k)’s and savings, we weren’t for sure what we needed to have to retire and have a comfortable retirement. Well, after meeting our personal financial planner (best thing we ever did) we had several changes to make in our lives that would help us reach the goal of retirement. Regardless, if you are younger or middle age, if you are single, married or have a family, go see a financial planner asap! Trust me when I tell you to do it, it has helped us so much. I wish we would have gone 20 years ago (we would have that much more money). Anyway, there was one tip that I feel desperate to share with you.
In today’s world of lawsuits regarding homeowners, auto, boats, and other items, we humans usually have a limit on our liability insurance. It is unfortunate if an accident happens and it’s your fault (or someone in your families) and you do not have enough homeowner’s liability insurance under your current policy. What do you do? Well, you may have to pay for it, through your child’s college fund, your retirement and other assets that you have worked hard to obtain. Don’t let this happen to you because in today’s society the judges and lawyers will seek the most to cover their client’s injuries, punitive damages, medical expenses, lost wages, so forth and so on. However, there is an insurance policy out there that can help us everyday, middle class or lower class people that is affordable! Yes, it’s call the “Umbrella Insurance” and it’s worth every penny to obtain that coverage. Every policyholder should have this needed protection insurance, and here’s why:
Umbrella insurance is intended to give one added liability protection above and beyond the limits on homeowners, auto and boats (jet skis) personal insurance policies. Having the umbrella insurance policy (depending on insurance company you use) can add an additional $1-5 million in liability protection. This protection is deliberately started when the liability on other current insurance policies have been depleted.
Moreover, liability insurance is the portion of a homeowners or auto insurance policy that pays for expenses such as the injured person’s medical bills, rehabilitative therapy and/or lost wages.
The liability portion of an insurance policy also covers legal defense representative fees if appropriate. Seriously, do you want to pay for your attorney and the plaintiff’s attorney too?
Add up all the medical expenses of the injured and the legal fees of the negligent person, the standard liability in our homeowners or auto insurance policies are most likely never enough.
Keep in mind that almost every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents and at-fault driver could be sued for the damages. Personal assets from the driver could be seized resulting from a lawsuit. You can avoid this by investing in the umbrella insurance.
Accidents that happen at your home, such as your dog biting another child and the parents of that child decide to sue for medical expenses, if it is serious injuries and it exceeds your homeowner’s insurance coverage, then the umbrella insurance will definitely help out. There are countless accidents that happen at your home, like a tree falling on your neighbor’s car, you think it’s covered under your homeowners insurance, well it’s mostly likely not, but it is covered under umbrella insurance. This type of insurance helps with so many different occurrences.
This umbrella insurance is minimum cost but usually is $200 a year up to $1 million in insurance coverage. Look into it here, it’s important for all households to have this extra coverage at an affordable cost.
I do recommend that you try and get your umbrella liability, homeowners, and automobile insurance policies from the same company; there’s usually a considerable percentage discounted. Additionally, you abolish the potential nightmare of dealing with different insurance companies if something should go wrong or happen. This way having one insurance company will help you to avoid dealing with three or more companies trying to shift the responsibility to the others, leaving you caught in the middle.
I can not say it enough, all families, big or small, add this umbrella insurance to your current policy. It’s not that expensive and it’s worth it. Plus, it will bring you piece of mind when the time is right. Help your family out and others with adding this insurance and spread the word of this insurance option to your family and friends. They will thank you later.
Umbrella Insurance - A must!
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