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Why Personal Umbrella Insurance Is Important

Umbrella insurance is another type of liability insurance. It gives you, as a policy holder, an additional liability protection against any lawsuits and other claims that could go against you. Umbrella insurance starts to come into effect when your base liability limit is no longer able to cover everything.

This type of insurance is important because it can cover your back if you run into an issue that maxes out your personal liability coverage. It serves as a good protection during property damage or injury litigation, and can cover any additional legal costs if you are facing a lawsuit for damages to an individual or their property.

You might not think umbrella insurance is important, but lawsuits are a common affair now and lawyers are working hard to secure more and more money for their clients. Homeowner, car, and boat insurance coverage have a limit when it comes to liability.

Since liability insurance covers costs related to medical bills, rehab, or lost wages, expenses can quickly add up after an incident. Most traditional standard liability policies are just not enough to cover in most cases.

Umbrella insurance can help you cover the expenses if your insurance is not able to account for everything. Many states have laws that hold individuals accountable for bodily injury and other property damage. Most incidents of this nature will also come with lawsuits, which can be very expensive.

Click here to learn what condominium insurance covers!

As a result, it is important to have as much insurance on your side as possible, since you never know how much a judge would award in damages to someone else. Personal umbrella insurance is a fact of life for every policy holder, no matter their wealth or income.

Personal umbrella insurance policies are beneficial because they can come at a low price. Some can cost as little as $100 per year for $1 million dollars worth of coverage. This makes it a reasonable and smart investment based on the return, especially compared to other insurance policies.

If you are interested in securing a personal umbrella insurance policy, you should sit down to think about how much of it you will actually need. Consider the value of your assets, any potential loss of income, and any other risks to help you decide on the policy amount that would be appropriate for your situation.

It is important to think about your potential loss of income and wages because people with no assets to their name could be forced to pay off damages with future earnings.

Do you have a question about personal umbrella insurance? Click here to contact Partners Direct Insurance Services today!

Courtesy of Cuselleration

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How Umbrella Insurance Plans Save You More

What is Umbrella Insurance Anyway?

So it is pouring down rain. You are wearing your suede jacket and not happy about the unforeseen weather change. Thankfully you have your umbrella with you: reach in, grab it, and whew! Problem solved! Umbrella Insurance is just like that. You aren’t ruining your suede jacket, but you are protecting your hard-earned savings from life’s accidents. An umbrella liability policy covers much more than your auto and home policies, and can make a long-term difference in your financial health.

 

Why Do I Need It?

No one likes insurance until they need it, then they are grateful to have it. The umbrella protects your financial assets from an event you didn’t see coming. Say you were involved in a car accident, and the court decided you were responsible for damages and bodily injuries to the other party. They decide to file a lawsuit against you: if you don’t have an umbrella policy, you are legally responsible for the damages, and that can deplete your savings in a hurry.

 

What Does It Cover?

It covers the extras that your basic coverage does not. In the case of the car accident, it will cover the extra expenses of the others involved beyond what your normal policy does. It can also cover you for legal fees, false arrest, libel and slander.

 

Okay, You Have My Attention: How Does It Work?

Let’s go back to the car accident. The court found you liable for the wreck, and there are people who are hurt and a car that is totalled. You are sued and need to pay for your legal defense. Umbrella policies pay once your basic liability limits have been reached.

 

So Assets Matter!

What are your financial assets? Your house certainly. Add in your cars, your investment and retirement accounts, and don’t forget your checking and savings accounts. If someone decides to sue you for a lot of money and you don’t have the policies in place to take care of what the court says you owe, your assets can be liquidated to pay your debts. Imagine that one bad mistake, one traffic accident, can ruin you financially because you did not have an umbrella plan in place.

 

Got It. How Much Does It Cost?

Our team at Partners Direct Insurance have a mission of making sure we look at each client’s needs individually, in order to design a custom insurance package that works. We want to be sure that you have the coverage you need, without overpaying. Getting an umbrella policy for $1 million worth of coverage can be very affordable. Our team can help design a plan that works for you.

 

How Much Do I Need?

That depends. Think about a few things, and talk with our partners to get the best deal for you.

 

  • How risky are you? Do you skydive? Race sports cars?
  • How much are your assets worth? The more property, stocks, retirement funds to protect, the higher the umbrella policy to consider
  • What would it cost you to lose your future income? If it would be devastating, you need more coverage.

 

Can I Write It Off My Taxes?

Generally speaking, personal umbrella policies are not tax deductible. However, if you own a business, an umbrella policy can mean your premium is tax deductible. This is another reason why it is important to have our team counsel you on what works best for your individual needs.

 

Let’s Talk!

At Partners Direct Insurance, we partner with our clients to make sure they have the best umbrella policy for their particular needs. Call us and we can discuss what makes the most sense for you, to keep you covered!

 

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How Umbrella Insurance Plans Save You More

What is Umbrella Insurance Anyway?

Imagine it’s pouring down rain. You are wearing your suede jacket and not happy about the unforeseen weather change. Thankfully you have your umbrella with you: reach in, grab it, and whew! Problem solved! Umbrella Insurance is just like that. You aren’t ruining your suede jacket, but you are protecting your hard-earned savings from life’s accidents. An umbrella liability policy covers much more than your auto and home policies, and can make a long-term difference in your financial health.

Why Do I Need It?

No one likes insurance until they need it; then, they are grateful to have it. The umbrella protects your financial assets from an event you didn’t see coming. Say you were involved in a car accident, and the court decided you were responsible for damages and bodily injuries to the other party. If they were to file a lawsuit against you and you didn’t have an umbrella policy, you would be legally responsible for the damages and that can deplete your savings in a hurry.

What Does It Cover?

It covers the extras that your basic coverage does not. In the case of the car accident, it will cover the extra expenses of the others involved beyond what your normal policy does. It can also cover you for legal fees, false arrest, libel and slander.

Okay, You Have My Attention: How Does It Work?

Let’s go back to the car accident. The court found you liable for the wreck, and there are people who are hurt and a car that is totalled. You are sued and need to pay for your legal defense. Umbrella policies pay once your basic liability limits have been reached.

So Assets Matter!

What are your financial assets? Your house certainly. Add your cars, your investment and retirement accounts, and don’t forget your checking and savings accounts. If someone decides to sue you for a lot of money and you don’t have the policies in place to take care of what the court says you owe, your assets can be liquidated to pay your debts. Imagine that one bad mistake, one traffic accident, can ruin you financially because you did not have an umbrella plan in place.

Got It. How Much Does It Cost?

Our team at Partners Direct Insurance have a mission of making sure we look at each client’s needs individually, in order to design a custom insurance package that works. We want to be sure that you have the coverage you need, without overpaying. Getting an umbrella policy for $1 million worth of coverage can be very affordable. Our team can help design a plan that works for you.

How Much Do I Need?

That depends. Think about a few things, and talk with our partners to get the best deal for you.

  • How risky are you? Do you skydive? Race sports cars?
  • How much are your assets worth? The more property, stocks, and retirement funds to protect, the higher the umbrella policy to consider.
  • What would it cost you to lose your future income? If it would be devastating, you need more coverage.

Can I Write It Off My Taxes?

Generally speaking, personal umbrella policies are not tax deductible. However, if you own a business, an umbrella policy can mean your premium is tax deductible. This is another reason why it is important to have our team counsel you on what works best for your individual needs.

Let’s Talk!

At Partners Direct Insurance, we partner with our clients to make sure they have the best umbrella policy for their particular needs. Call us and we can discuss what makes the most sense for you, to keep you covered!

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