Written by 1:12 pm Finance and Insurance

Scary Things Can Happen When You Are Not Insured

Here’s a scary question: If you were sued, would your existing personal insurance policies provide you with adequate protection?

If the answer is no, this article is for you.

Typical auto, homeowner, and other property insurance liability limits are often inadequate to cover the significant court judgments frequently awarded. And these days, anyone can be sued for just about any reason, regardless of income.

As your trusted advisor, we are here to assist you in obtaining insurance best suited for you. Our goal is to be sure your assets are adequately protected.

An umbrella policy provides financial protection beyond what your auto or homeowner policies include, starting at one million in coverage. It can help safeguard your assets, for example, money in the bank, investments, personal property, future wages, and 401K funds if you are held liable in a situation such as:

  • An injury on your property
  • An injury involving your auto or boat
  • Libel, slander, defamation of character (especially in this age of social media), or invasion of privacy

The average cost of a $1 million umbrella policy is approximately $16.00-$25.00 a month; the peace of mind is invaluable.

The incidents below are some examples of actual liability claims that can occur every day. Adequate Excess Liability limits can help protect you when the unforeseen results in a liability judgment against you.

While taking items to his trash, a man was attacked by three dogs belonging to a neighbor, who had escaped through an open gate on the neighbor’s property. The man sustained multiple lacerations to both legs and a lower back injury.
Judgement: $7.7M
State jurisdiction: Florida

While riding his motorcycle through an intersection, an individual was struck by a vehicle that ran a red light. The impact caused the man to be thrown from the motorcycle and pass away at the scene from injuries. The victim’s family sought wrongful death compensatory and punitive damages from the driver for motor vehicle negligence.
Judgement: $50M
State jurisdiction: South Carolina

In a world where unforeseen accidents and legal challenges can strike at any moment, protecting your assets is paramount. As the stories above illustrate, the financial consequences of unexpected incidents can be staggering. Don’t wait until it’s too late; let us help you take the proactive step of securing an umbrella insurance policy to fortify your defenses.

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Last modified: October 17, 2023