“Why Do I Need a Personal Umbrella Policy?”
April 16, 2011
Imagine going for a long leisurely walk along the beach, when suddenly it begins to pour rain. You wore a raincoat because the sky looked overcast, but as the rain begins to fall you realize the raincoat wasn’t enough. An umbrella would have offered you much more protection. You wished you had brought one with you, but it’s too late. You’re soaked.
Umbrella insurance isn’t any different. It protects you where your other coverage falls short. Under most circumstances the insurance you have will protect you. But life is full of surprises, and not always pleasant ones. You don’t want to find yourself in a situation where your insurance coverage is exhausted and your assets have to cover the difference.
Bob and Sandy’s 18 year old son was driving their car on a short trip to the store with his girlfriend. The car left the roadway and struck a tree. Bob and Sandy’s son told the police that a vehicle cut him off, but there were no witnesses and no evidence of any impact with another car. The girlfriend has no recollection of the accident.
The Girlfriend was hospitalized for over a month with multiple fractures and internal injuries. She was in a wheelchair but is now able to walk with crutches and continues with physical therapy. She has a right drop foot as a result of the injuries. Bob and Sandy’s personal umbrella policy limit was paid.
If Bob and Sandy hadn’t had the personal umbrella policy, their sadness over the accident wouldn’t be all they would be dealing with. They would also likely be having to use their beautiful home and any other assets to cover the medical bills and a possible lawsuit to cover the ongoing costs for the girlfriend.
So who needs a personal umbrella policy? Anyone with assets, families with young drivers, owners of boats or personal watercraft, anyone who has a swimming pool, rental property owners and owners of recreational vehicles.
An umbrella policy is simply additional liability coverage. It’s fairly inexpensive and gives you additional coverage where your auto or personal liability falls short. Remember the old saying, when it rains – it pours…..don’t get caught without an umbrella. You don’t need to get soaked.
Contact Bo Govea at Govea Insurance 913-322-7785
