How Much Will Your Next Claim Cost?

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How often do you hear on the news about an injured car accident victim who received a million dollars in damages because the driver of another car accidentally crossed the double yellow or ran a red light? Or the child who drowned in the neighbors pool?  We all feel bad for the victim, but have you ever wondered who pays that million or multi-million dollar settlement? It’s the other driver or the pool owner. And what if that other driver—who had no malicious intent but who simply looked away for just a second—were you? And what about the small business owner who must close up shop after someone slips and falls in her store and she can’t afford to stay open while paying the awarded injury claim?  That “cheap” insurance policy you purchased online doesn’t seem so good anymore, does it?

 Put yourself in that unfortunate driver and pool owner’s shoes. You’ve been ordered to pay a million dollars in damages. Your car or home insurance policy covers $300,000, then the courts go after your personal and business assets. Soon, you’re ruined—all because of a careless mistake or simply because you went with the “cheaper” policy. Fortunately, this doesn’t have to happen if you protect your liability with a Personal Umbrella insurance policy.  Let me reiterate that umbrella policies are not just for the rich.

For a small additional premium each year, maybe $150-350 (certainly less than $1 a day), you can purchase another million dollars or more of insurance coverage as a buffer between you, the courts, and financial ruin. Personal Umbrella insurance policies offer protection against a wide range of insurable events, like:

• Injury on your property
• Awards for accusations of slander
• Additional protection while in your vehicle

Unfortunately, even if you are sued and a large judgment does not result, you may be liable for legal fees and court costs that eat into your assets. A personal umbrella insurance policy can prevent that from happening as legal fees are covered as well.

Before getting a personal umbrella insurance policy, be sure to check your limits and deductibles on your current policies. Your insurer will likely declare you responsible for bridging any gaps between policy limits and umbrella policy amounts so make sure you have sufficient insurance and resources. (Just discuss this with your insurance agent and arrange the proper coverage’s).

Accidents, moments of negligence, or even frivolous lawsuits happen every day. As a former claims adjuster, I have seen my fair share of interesting claims and large settlements.  The scary part -that keeps many people up at night- is that you never know when, what, where, how large the next claim could possibly be.  If you have assets that you have worked hard to build and protect, don’t lose them due to one mistake or an out-of-the-blue lawsuit. Purchase a personal umbrella insurance policy and add a buffer between your assets and financial ruin.  Click Here to start the quoting/consulting process (Don’t worry, it’s free).  Once we receive your inquiry, we will contact you to discuss your specific situation to see what the right amount of coverage is best for you and your family.