Umbrella Protection
Most people believe that all they need in order to be properly protected for liability is their auto insurance policy and home insurance policy and nothing more. Naturally that would be the reaction for most without giving it a second thought being that you paid money for auto or home insurance and assume you are good to go after that. I talk to many new prospective customers every day and I am surprised how few of them were ever offered or even heard of Umbrella Insurance. Even if my customer decides not to purchase one, it is important to me and my fiduciary duty to present all potential exposures people have and let them know what their options are to be protected.
Figure that the average auto insurance policy carries limits of liability of 50k per person bodily injury coverage and up to 100k aggregate. If you are financially responsible in an auto accident , those limits are the most your carrier will pay to the third party. In the event that the claim is larger than what you are covered for, the tragic reality could be in the form of legal action against you and your assets to recover the damages over and above your auto insurance limits. This could occur in liens against property, wage garnishments and even seizure of bank assets. In this day and age, an over night hospitalization could cost as much as 40-50k alone. The same rules apply to home insurance where if a guest or even a trespasser not residing in the home is injured on your property , you could be found negligent and legally liable depending on the circumstance.
The use of the umbrella policy is to cover you and protect you in all areas of your life. It will extend an additional 1,000,000 or higher up and beyond the underlying limits on the home, auto, off road vehicle, motorcycle, rental property, etc. This will also protect you from libel, slander and legal cost attributed to your defense.
There is no need for me to go a whole lot further into this as I do not want to over complicate a simple concept that should make sense to most people. The cost to add an umbrella averages about $20-$30/monthly which is a heck of a lot less expensive than paying a large sum in a legal liability claim out of pocket. In many cases people have been bankrupted because they did not carry the right insurance.
I can help you determine how much coverage you need and how much it will cost you. Often I have found ways of saving money in other areas of people's insurance to where the additional net umbrella cost is covered completely or significantly reduced.
Jeff Milber
619-938-3123
1011 Camino Del Rio South #100
San Diego, CA 92108
jmilber@farmersagent.com
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