Your homeowners policy provides a basic level of liability coverage, but it’s not likely enough, especially if you have been accumulating assets like a home and retirement savings. An umbrella policy is extra liability coverage—above the limits of your home, auto and boat insurance policies—that helps protect your assets and your future.
If people come to your home, if members of your family drive, if you have pets, a swimming pool, a boat, or an RV, you can find yourself personally liable in case of an accident. You could be the target of a lawsuit, and don’t be surprised if you get sued by someone you know! To help protect your assets from major claims and lawsuits, talk to ICNE about umbrella insurance.
Three examples of Umbrella insurance scenarios:
- The insured’s daughter had a sport coach. The daughter did not like the coach and made several “judgmental” and false remarks about the sports coach online. The coach sued the parents for personal injury and was paid more than $750,000.
- An insured’s teen was off to prom. To get a large group picture the insured asked all of the teens at his home to stand on the porch balcony. Just as the photo session was ending, the balcony collapsed injuring multiple prom goers as they fell 10 feet to the ground. Each injured student demanded settlement to the insured’s umbrella limit.
- The insured’s tenant claimed she lost her track scholarship to a four year college when she became ill and lost part of her lung capacity due to stachybotrys black mold found in her apartment. The tenant claimed permanent lung damage and demanded over $750,000.
The above examples are all real life claims that could happen to even the most careful of people. As you see, your liability limits can be quickly exhausted.