This month I would like to talk about umbrellas, no not the type that keeps you dry from all this awesome summer rain we have been receiving, but rather an Umbrella Policy. Much like an actual umbrella – an Umbrella Policy is all about protection. Liability, legal fees and personal injury are specific areas that an umbrella policy protects you, your family and your belongings. Unfortunately, these days, lawsuits have become all too common and defending yourself could mean liquidated assets and empty bank accounts. Umbrella policies can help safeguard all that you own over and above your home and auto liability limits.
First, let’s talk about liability. You are driving to work on a foggy morning and sadly, find yourself the cause of a multi-vehicle accident. Now you have claims against you for two, three or four other vehicles. Let’s say one of the passengers had significant medical expenses that exceed what your policy covers. That passenger can sue you personally for the difference. This is exactly where an Umbrella Policy will be effective because it covers liability beyond what your home or auto may allow.
Now, think about the cost associated with defending yourself against these claims. Hiring a legal firm to defend you could result in what we mentioned earlier – empty bank accounts and liquidated assets. Again, this is where an Umbrella Policy will support you, by allowing for court costs and attorney fees associated with the lawsuit. Your savings account can remain intact while professional attorneys negotiate on your behalf due to the unforeseen accident.
Lastly, in this day and age, social media usually comes into play somehow. In this case, you may feel personally attacked by the person suing you and your frustration leads you to lash out on Facebook. The post is seen by the wrong person and all of a sudden you are now being sued for character defamation. Personal injury protection means protection against claims of libel, slander, false arrest, character defamation and mental anguish. Insurance that covers these increasingly popular grounds for a lawsuit is again something that the Umbrella Policy is there for.
As you can see an Umbrella Policy is for anyone who has invested in or grown something that needs protected. You work hard and have acquired savings, inheritance, retirement, severance and for a modest cost Umbrella coverage can provide great peace of mind. Unfortunate accidents can happen, and you can rest easily knowing that damages you cause can be managed and all parties satisfied without you losing everything. This is just one scenario where an Umbrella Policy is a good idea so if you are considering looking into an Umbrella Policy please talk to us today to learn more. Umbrellas can protect you from much, much more than just rain!