You've bought your home and car insurance and now you're being presented with an umbrella insurance policy. You might already understand how umbrella insurance works; it will help protect you in case of a major loss not covered by your home & auto, but who actually needs umbrella insurance?
An easy answer is that if you have significant assets, it's worth getting an umbrella policy. Your liability insurance within your car and home insurance policies might not be enough coverage if you get sued for an incident such as dog bite, car accident or accidental injury to someone else.
But there are other factors to consider when thinking about purchasing an umbrella policy. Can you answer 'yes' to any of the following:
- Do you serve on a charitable board?
- Do you have a swimming pool, pond or trampoline?
- Do you have dogs, horses or other large animals?
- Do you manage a family trust?
- Do you host large parties in your home?
- Do you employ household staff?
- Do you have a high public profile?
- Do you regularly use social media?
If you said ‘yes’ to any of these, you are at an increased risk for being sued. So, a better gauge for needing an umbrella policy is risk exposure, not just asset protection.
If you’re interested in added coverage for yourself and your family through an umbrella policy, please get in touch with us today.