“Come here boy!”
Like a racehorse, the friendly neighborhood labrador exploded through the gate and hurtled towards 85-year-old Elena. Before she had time to react, the muscular dog slammed into her legs in his excitement.
Toppling over, she fell to the hard ground with a crack of old, brittle bones.
Elena was rushed to the hospital and thankfully had no major internal injuries. The dog’s owners were relieved, but a lengthy hospital stay and multiple surgeries quickly exceeded the limits of their homeowners insurance policy.
Anxiety threatened to overwhelm the family, and one thought kept repeating itself over and over in their heads, “What could we have done differently?”
Come along on a journey and we’ll equip you to prevent this question from even entering your mind.
Personal Insurance Umbrella
Do you ever get rained on and wish you’d brought along your umbrella, instead of allowing it the luxury of staying dry in a closet somewhere?
The correlation of a physical umbrella to insurance is very real and applicable to our discussion.
Accidents happen to everyone, but for the purpose of our story let’s break them into two distinct categories:
- Those who are prepared
- Those who are not
As a motorist not only do you have to worry about other cars, but also impaired bicyclists. As a bicyclist you may be involved in an accident with someone driving a car they borrowed. Or liability could fall to you for underage kids that drank at your family party and wiped out on a slick road.
These real-life situations aren’t meant to scare you, but rather to provide examples and reasoning for planning ahead. Unfortunately they can’t be totally avoided, but they can be mitigated through strategic personal decisions when it comes to a safety net.
Personal umbrella insurance to the rescue! In viewing the previous four scenarios, additional coverage will protect you from:
- Animal Liability
- Impaired Bicycling
- Permissive Use
- Social Host Liability
How Much Personal Umbrella Insurance Do I Need?
This depends on certain factors, but the best personal umbrella insurance policy is always the one that will protect your assets, both present and future, in the case of a lawsuit.
We found a great calculator to determine how much umbrella insurance coverage you need. The areas that are taken into consideration are:
- Net Worth
- Home Equity
- Value of Retirement Plans
- Limit of Your Liability Coverage
Talking things over with a licensed property and casualty broker is another way to get answers to your questions on coverage.
Umbrella Insurance Personal Vs. Business
Since we’ve already confirmed the need for this insurance, next we’ll examine the benefits of legal protections offered through this policy.
In addition, we’ll take a look at whether these umbrella protections carryover to your business.
Does Umbrella Insurance Cover Personal Lawsuit?
Risk aversion is factored into most business and personal decisions. There are whole industries devoted to this concept and our society continues to drive demand for its continual growth.
With umbrella insurance, personal debt lawsuit concern can be alleviated. This is especially true if you have a high personal liability risk through the ownership of property that you rent out for example, but pretty much everyone could benefit from a greater peace of mind.
An insurance personal umbrella policy will cover the portion of any settlement that goes above what your homeowner’s policy will pay. Having this buffer could mean the difference between bankruptcy and continuing to save towards retirement.
Does Your Personal Umbrella Insurance Cover You for Work?
The answer to this question depends on your role within the company. If you’re the business owner only a commercial umbrella policy will cover liability, not a personal one. As an employee, if you’re injured while on the job (and report it) then you’ll be covered under your employer’s disability insurance.
Also, if you breach a contract and are sued, most of these types of policies will exclude this liability. When your property is damaged or you’re injured and have to miss work, umbrella insurance won’t typically offer any assistance regarding lost wages.
RVInsurances.com and Personal Umbrella Policy
We work with the top personal umbrella insurance company to offer our clients the best rates, backed by exceptional customer service and experience.
RVInsurances.com founder, Marty Adair, has been a licensed Property and Casualty Broker since 1997. He started his insurance career working in his family’s insurance business where they specialize in Mexico tourist Auto Insurance. While assisting customers with their Mexico Insurance policies he realized there were large groups that travel to Mexico in their high valued RVs to vacation. It soon became apparent that there was a need for specialty RV insurance that would extend coverage across the US and Mexico border that could save his RV clients thousands of dollars per year.
Today RVInsurances.com provides the best possible service to the RVING community. We are a full service insurance agency specializing in full-time and part-time RV enthusiasts. We represent the top rated RV specialty insurance companies in the nation to provide the best possible policy for the right price. We are licensed in many states to help with your RV insurance needs.
Tailored to any budget, and specific to your needs, we want to give you a personal umbrella policy quote today!