The purpose of insurance is to help people protect their assets in the
event of an unforeseeable event, such as a fire, flood, or a car accident.
Unfortunately, however, insurance doesn’t cover everything. If you
find yourself in a situation in which your basic auto or homeowner’s
insurance isn’t enough to cover your losses, a
personal umbrella insurance policy could help cover you.
A personal umbrella policy provides extra liability coverage on top of
your homeowner’s or auto insurance policy. For example, if someone
is hurt on your property and your homeowner’s insurance policy isn’t
enough to cover the cost of their medical bills, your personal umbrella
policy would kick in and provide additional coverage. Having this kind
of policy can help protect you from having to come up with the remaining
balance yourself and potentially losing your assets.
Think you don’t need this coverage? Think again. Imagine you are
in a car accident that the police determine was your fault. The driver
of the other vehicle, a high-earning doctor for example, is severely injured
and is unable to work for at least six months while he recovers. While
you may have $250,000 worth of coverage, you could then be responsible
for compensating the victim for six months of lost wages, medical bills,
and other expenses far in excess of that $250,000. The victim would have
the right to sue you and you may risk losing your assets.
We encourage you to consider personal umbrella coverage if you:
- Have a high-profile career and/or sizeable earnings
- Own a dog or a swimming pool
- Have a young driver in your home
- Have assets you wish to safeguard
- Serve on the board of a non-profit organization
The professional insurance administrators at Insurance Specialists, Inc.
are committed to ensuring that our clients are protected against liabilities
that may arise in excess of auto and home policy limits. To speak with
a representative about personal umbrella insurance, please call us at