Wednesday, 13 July 2016
An personal umbrella insurance policy is a liability policy that covers you and your family members over and above your primary insurance policies, including the policies you hold for your automobiles, home, rental properties, and even boats or campers.
Many of my clients believe that only millionaires need this coverage. Unfortunately, this is a gross misconception. Many people can benefit from umbrella policies.
If you are sued and then found liable, and if you do not have enough liability on your primary policies to cover the judgment against you, any assets or property that you own will be put towards the settlement-unless you have an umbrella policy.
Frequently, when I give this simple explanation, I am told, "I do not own anything nor do I have any money in the bank for anyone to take."
Here are the questions I then ask:
This means a lien can be put on your salary, disability benefits, 401(k), or any future salary you may earn, or you may be forced to sell any or all of your property or your spouse's property to pay for the judgment against you.
Additionally, many people forget about legal fees. Sometimes the attorney and investigation fees are more than the final judgment awarded. These fees can exhaust the primary liability limits on your policy very quickly.
The above facts gives very good examples of reasons why we should discuss purchasing an umbrella policy. Here are some example that could make it even more clear:
Bear in mind that not every umbrella policy is the same. Does your umbrella policy cover legal fees inside the limit on the policy or outside? Do you sit on a board of directors? Do you own a personal watercraft or ATV? Unless you have underlying coverage, your answers to these questions may mean that your umbrella policy excludes coverage.
Call us today at Benton White Insurance. We're writing more and more personal liability umbrellas these days and the pricing is some of the least expensive we offer. Our average umbrella quote is approximately $200 per year for $1 Million of coverage. We can offer more information on this very important coverage so you can protect the assets and property you have worked so hard to earn and grow. Call any of our staff at 615.377.1212 or EMAIL us at info@BentonWhite.com. We're ready to earn your business and protect yours!
Posted on 07/13/2016 11:56 AM by Benton White
No comments yet.
Is the life insurance you’re getting through your employer enough to take care of your family? And are you paying too much for that coverage? A healthy 50-year-old male could save nearly 80% on premiums in the first year alone by switching from an employer-provided term life insurance policy to an individual one, according to the National Association of Personal Financial Advisors (NAPFA), a professional association of fee-only financial planners. Young, healthy employees might also be better...
Jennifer Smith doesn’t like the term “accident.” It implies too much chance and too little culpability. A “crash” killed her mother in 2008, she insists, when her car was broadsided by another vehicle while on her way to pick up cat food. The other driver, a 20-year-old college student, ran a red light while talking on his mobile phone, a distraction that he immediately admitted and cited as the catalyst of the fatal event. “He was remorseful,” Smith, now 43, said. “He never changed his story.” Yet in...
If you’re one of more than 38 million people working from your home in any capacity, beware: your home insurance may not provide adequate protection for your business, no matter how small. Thanks to the digital revolution, it’s never been more convenient to earn a living from your living space – but with each reward comes risk, and without the right coverage, that extra cash flow can turn from positive to negative. Unfortunately, too many at-home earners aren’t aware of the gaps in their coverage...