Should I Have an Umbrella Insurance Policy?
What’s the first thing you need when spring showers start to come your way? Your umbrella, of course. It can allow for you to be covered under a weather situation that no one likes. The same way that an umbrella can cover you from the rain, an umbrella insurance policy can cover you in the event of a lawsuit. How much liability do you have on your Massachusetts or Connecticut home and auto insurance policy? That is the first question to ask yourself when considering an umbrella insurance policy. The second question to ask yourself is would that be enough coverage? It is important to know your liability limits and speak with your agent about options when it comes to those limits. Ask them what having more or having less liability on your policy could mean for you. One of the most important things you can do to cover you, your family, and your assets is to make sure you have enough coverage.
Why Should I Have An Umbrella Policy?
When people think of getting an umbrella insurance policy, they sometimes have a hard time thinking of situations where they may need it. Why would an average person need an MA or CT umbrella insurance policy? One of the most common reasons is a multiple car crash you were involved in. Whether people got hurt or there was a lot of damage to the vehicles or property, it can result in having to pay a lot of money and your basic liability limits on your current home and auto insurance policies may not be enough to cover it.
The idea of being sued for something may seem far-fetched, but the more you watch the news lately the more you realize it can happen to anyone. If you don’t have enough money to pay the person suing you, or if you don’t even have the amount that going to court and hiring a lawyer can cost, people may begin going after your assets. This is a reason umbrella policies are frequently recommended for people. You may not have the money to pay out of pocket and the person suing you may instead try to go after your home or your cars.
No matter how valuable your possessions or how many possessions you own, protect them with a CT or MA umbrella insurance policy. Your assets can be anything from your home and possessions all the way to your finances such as your 401k and pension plans. Don’t let something that could start as a small accident turn into you having to lose your assets. Due to the fact that your finances can also be at risk, many people with a financial advisor will find their adviser suggesting additional liability coverage.
New Home Owners & Umbrella Insurance
When you buy a home, it is one of the first big investments you make and makes for the first time you may be thinking about umbrella insurance. New homeowners have just saved up and invested their money into something they hope to have for years to come. As mentioned above, your new investment could be one of the first things you are at risk of losing in the event of lawsuit. An umbrella insurance policy is another way to protect your new investment, beyond having a basic homeowners insurance policy.
Now that you have a home, you also have to think about the accidents that could take place on your new property. Anything from someone slipping and falling to accidents that neighborhood kids could cause can now take place. If you were to be found liable for someone injured on your property, it’s important to have enough liability coverage. The same can be said if you are hosting a party at your new home. Even if having an umbrella insurance policy isn’t the right move as a new homeowner, it’s a good discussion to have with your agent about your limits on your home insurance and if you need to supplement that.
When Would My Umbrella Policy Come in Handy?
One of the first things to think about is anything you have that is considered a risk. This could be anything from having a swimming pool in your yard to having a dog in your home. Simply by having a swimming pool, you have a greater chance of accidents occurring in your yard. If something were to happen in your swimming pool, would you have the coverage you need? The person that is victim to a swimming pool accident in your yard may have costly medical bills or may end up suing you. This is when having an umbrella insurance policy can come in handy for the average person. If you also happen to have a slide or diving board for your pool, you have even more risk.
The same way that having a pool makes you more at risk for an accident with that pool, having a dog also makes you more susceptible to risk and lawsuits. The most important thing you can do as a dog owner is to keep up to date on your animal’s shots and vaccines. In the instance where someone where to get bitten or attacked by your dog, this at least can lower the risk of medical issues that could occur. Even the best-behaved dog could snap and as a dog owner, you need to be prepared for that. Once again, if your dog bites someone, it could end up in you having to pay extensive medical bills or be sued.
While the above may only apply to some people, it gives perspective on everyday items and situations that could lead to needing extra liability insurance. A good question to ask when deciding whether you need an umbrella insurance policy or not may be areas of your life or things that you own that puts you more at risk for accidents and lawsuits. When it comes to the basics, home, auto, and life insurance, we know that we need it and we get the coverage we need. Think above and beyond your current limits and policies. Umbrella insurance is a great way to supplement the insurance that you already have. Lastly, chances are that you will be pleasantly surprised by how affordable having that extra layer of coverage can be.
Call our agents today at 888.865.1244 and talk to them about how having an umbrella insurance policy can help supplement your current insurance policies. If you have questions, be sure to ask them. Our agents are happy to walk you through the meaning and application of an umbrella insurance policy for you and your life.Read More