Why Umbrella?
Unfortunately, we live in a society where people are more litigous than ever and a simple accident could hurt your ability to put your kids through college or to retire.
According to the National Highway Traffic Safety Administration, approximately six million car collisions occur annually in the U.S. - that's one every ten seconds! The Centers for Disease Control and Prevention also estimates five million dog bites and 17,000 slip and fall accidents per year.
A personal umbrella policy provides an additional $1 million, or more, of coverage to protect you, your family and your future.
- Imagine you're driving your child and his/her soccer team friends and you have an accident.
- Or your big, friendly dog knocks down an elderly neighbor who breaks their hip.
- What if you're sued for something entirely frivolous?
An attorney charges on average $250 per hour, but you can protect yourself for about that much money per year with umbrella insurance. Remember, you don't have to be a millionaire to be sued like one.
Average Cost?
For about $150 to $300 per year, you can buy a $1 million personal umbrella liability policy. Each additional $1 million of umbrella coverage might cost between $100 and $125 annually.
How Much Coverage Do You Need?
Assets that are uninsured, are essentially, insured by you and can be included in a large liability settlement.
For example, if your total assets are $500,000 and your automobile liability insurance limit is $250,000, you are left with $250,000 of uninsured assets! This doesn't take into account your income exposure.
Use this tool to total your assets and identify uninsured assets and income. At the end, we will provide you with a minimum recommended personal umbrella limit you should consider.