Should I Consider a Personal Umbrella Policy?
Having a personal umbrella policy protects you from personal liability of many kinds. Usually, people associate this with their auto coverage, which makes sense, since that is one of your biggest sources of risk for personal liability. However, there are a many other things that you could be liable for in addition to an automobile accident, and the great thing about an umbrella policy is that it protects you in many different situations.
Here are a few things you might not realize are sources of risk. If you say yes to any of these, then you should definitely consider a personal umbrella policy.
Do you have a pool? Swimming pools are a fun addition to any yard, and see plenty of activity all summer long, but unfortunately, they can also be a source of danger. According to the U.S. Consumer Product Safety Commission 390 people drown in a swimming pool or spa per year, with seventy-four percent of them occurring in a residential pool. In addition, between 2011 and 2013, an average of 4,900 people received emergency treatment for injuries they received at a swimming pool. This can include minor injuries from a slip and fall, all the way to traumatic, life-altering brain injuries from near-drownings.
Do you serve on the board of a non-profit or HOA? In the event that organization is sued, the trustees could be held personally liable.
Do you have large parties at your house? If one of your friends has a few too many beers at the cookout, or too many glasses of wine with their dinner, accidents can happen. A simple trip and fall could lead to real injuries and medical costs. Worse, if they were involved in a collision where alcohol was a factor after leaving your house, the injured party could very well try to sue you.
Are you a hunter? Even responsible firearm owners can make mistakes that lead to terrible accidents. Even if you are not found criminally responsible for a hunting accident where another person is shot, they, or their family, could still sue.
Do you have a dog? Even good dogs have bad days, and one bite could result in serious legal ramifications.
These are just some of the sources of risk that you may not think about every day, but that a personal umbrella would protect you from. Some other things that might make you consider an umbrella is if you have teen drivers, own rental properties or a second home, have a trampoline in your yard, coach a kids sports team, or even just have a longer commute than average. All of these factors put you at greater risk for a lawsuit.
The good news is, for as low as $145 per year, you could purchase a $1,000,000 umbrella, which, dollar for dollar, is much more affordable than car insurance! Protecting yourself and your family’s financial wellbeing from the unknown with a personal umbrella policy is simple, but very effective.