Because you Asked: “Why would I ever want or need an Umbrella Policy?”

money savings umb policy

Auto Owners helped put together a wonderful synopsis of the basics of an Umbrella Policy. We are tackling this topic again because we realize not enough people know the value of an umbrella policy. Does your car have to have seat belts or air bags? Well no, but I would pay extra to get them and I would surely never pay less to go without these features. And, they can save your quality of life. A personal umbrella policy can also save your quality of life. An umbrella policy is an insurance policy with high liability limits designed to provide protection over other insurance policies like a homeowners and personal auto. A personal umbrella policy can provide coverage in excess of other policies limits, and in some cases if coverage is excluded on other policies the umbrella will “drop down” to cover the loss.

Anyone who wants to protect their personal assets is a candidate for an umbrella policy. With the costs of lawsuits increasing, individuals need to protect their families as best they can. An umbrella is a perfect way to preserve current assets as well as future earnings so you can maintain your livelihood and lifestyle in the event you have a loss and are sued. Consider the following statements to determine if you’re a good candidate for an umbrella policy:
You own a home You own a recreational vehicle You have significant assets
You have children You own a swimming pool You own a snowmobile
You own a dog or other animals You own a boat or jet ski You provide alcohol to guests
You own a motorcycle You have playground equipment You own a car
*If you answered “yes” to any of these questions, then you have a good reason to at least consider an umbrella policy
for yourself.

-An insured was driving their boat. An occupant on the boat was standing on the front of the boat while it was moving. The occupant fell in the water and sustained injuries as a result. The occupant has sued for limits above the watercraft liability policy.
-An insureds dog jumped up at a neighbor. The neighbor fell to the ground and caused injury to their vertebrae. The neighbor sued for limits above the homeowners policy.
-An insureds son was operating an ATV while two friends were riding on the back. While going down a dirt trail too fast they hit a stump and crashed. The friends were severely injured and sued the insured for limits above the recreational vehicle liability limit.

We would venture to say that we seem to live in what often feel likes a “sue-happy” everyone out to get “what I am entitled to” society where most of us could use an umbrella policy. These policies are fairly inexpensive for the coverage you are afforded. Give us a call or shoot us an email to set up a time to come in and talk over something that could honestly, one day, protect your way of life, your savings, and maybe even your future earnings.

Chris Venters

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Harmon-McClintic Insurance
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Monticello, IN 47960
Phone: (574) 583-9077


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