Protecting What You Have Spent a Lifetime to Build
No one ever plans to be sued, but accidents happen and things go wrong all the time. You can protect yourself against liability lawsuits by adding an umbrella policy to your existing insurance package. Umbrella insurance comes into play when you reach your liability limit or if you are found liable and need to pay damages of any kind. Many financial advisors recommend personal umbrella coverage to protect your net worth and future earnings. The amount of umbrella liability coverage that is right for you depends upon your financial situation and relative to the amount of insurance you get, umbrella insurance is highly affordable.
A personal umbrella policy can also protect you from gaps in your insurance. For example, if you own a dog breed that is excluded from your homeowner’s policy and it bites someone, your homeowner’s policy won’t pay for the person’s medical bills or your legal defense if they decide to sue. In that case, your personal umbrella policy will step in and protect you. It can also pay to defend you against false arrest, invasion of privacy, libel, and slander – all things not covered by most homeowner’s policies.
An Umbrella policy is a good idea if you have:
- Total assets (not net worth) that are more than your homeowner or auto policy max
- A swimming pool, trampoline, or pond
- Vacant land
- Renters insurance
- Major renovations
- High-value cars and/or drivers under the age of 26
- A long commute to work or school, especially if it is during rush hour
- A board membership on a charity – corporate board members are protected from personal liability, but charitable board members are not
- Recreational vehicles like ATVs, watercraft, boats, and golf carts
- Guests over at your house (or in public space such as a park or clubhouse) frequently
Interested in learning more? We believe our level of service and dedication to our customers truly sets us apart from other agencies. Learn more about personal umbrella insurance by calling our Portland, ME office at (207) 774-6257, our Manchester, NH office at (603) 622-2855 or our Lowell, MA office at (978) 459-0505. You can also fill out the no-obligation online quote form!