Do I need Umbrella Coverage?
In today’s economy, everyone is pinching pennies. So why worry about umbrella coverage? Shouldn’t a home and auto policy leave you adequately covered?
Unfortunately, we live in a world of lawsuits. Large damages can be awarded and have long-term financial impact. Those lawsuits can come from unlikely sources, such as our children or our furry friends.
For instance, Herschel is a much-loved, rather timid labradoodle who enjoys taking naps on the driveway while his owner mows the lawn. Herschel watched as his neighbor, a 39 year old man, showed off his rollerblading skills to his kids. The man wiped out on the sidewalk in front of Herschel’s house and broke his leg. He required surgery, costing around $35,000 in medical costs and $18,000 in lost wages.
Fair or not, the man brought a lawsuit against Herschel’s owner, suing for $220,000 in damages. He alleged that Herschel had caused the accident by getting in his way. However, Herschel’s owner was lucky–a jury vindicated Herschel. Lawsuits such as these can easily exceed the limits on a homeowner’s policy, leaving the insured responsible for the remainder. An umbrella policy would prevent that by providing an extra $1 million to $5 million in coverage, depending on the limit that you select.
There are numerous ways to have a liability claim. According to the Center for Disease Control and Prevention, 4.7 million people are bitten by dogs each year, with half of those occurring on the owner’s property. Children can mistakenly hurt someone on the playground or you could be in a bad car accident. All are potential claims.
Do you need an umbrella policy? Only you know the value of your assets that you want to protect.
Protect what you love! Call us to talk about your umbrella options today at 414-744-6614!