Why Do You Need To Purchase An Umbrella Policy?
"Lawsuit" is a scary word to most of us. A personal catastrophe liability policy or umbrella policy provides additional protection against the ever growing jury awards in personal liability cases. Personal umbrella liability insurance provides you with an extra layer of personal liability insurance- in addition to home and auto insurance. And that can be important coverage if someone is injured in a vehicle accident, in your home or as a result of your negligent actions. However, many people assume their auto or home insurance will provide all the liability insurance they need. That's not necessarily true!
Accidents that result in claims for huge amounts may seem unlikely to occur to you, but they are happening more and more often. Here are some examples of perils an umbrella policy can protect you against:
-A 40 year old window washer broke his heel in a fall after a downspout he was holding onto broke away from the house on which he was working. Although the worker was found partially responsible, the fall cost the homeowner
$1.2 million.
-A 22 year old suffered permanent eye damage when he was struck by a golf ball. He sued, claiming that the golfer who hit the ball had failed to look out for the other players. The errant shot cost the golfer $1.6 million.
-At an end of school swim party, a 16 year old dove and hit his head on the bottom of the pool. He became a quadriplegic, and the case resulted in a $1.5 million settlement against the homeowners.
-A professional dancer suffered permanent knee damage, and an end to her career, when she was knocked down on a ski slope. She offered to settle for $300,000 covered by the defendant's insurance, but was rebuffed. The case went to trial, where it cost the defendant $2.2 million.
As you can see accidents do happen, and most of the time quite unexpectedly. What would you do if you were named in a lawsuit in one of the above mentioned scenarios? Peace of mind can be bought with the purchase of an Umbrella policy. And they are probably much more affordable than you might think. An extra million dollars of liability protection can cost as low as $150 a year. Call us today to start protecting your assets by purchasing an Umbrella Policy!
Umbrella Policies, Protecting Yourself from Financial Disaster