Are Your Assets Properly Protected?.
Ensure your loved ones’ future is secure and protected.
What is Umbrella Insurance?
What is Umbrella Insurance? An umbrella policy provides extra liability coverage that takes over where your other policies leave off in the event of a claim. Who should consider owning an umbrella policy? Some examples:
- Individuals whose net worth is greater than your liability limits on your standard policies should look at umbrella policies as a solution. In the litigious world we live in, a major lawsuit can put your assets at risk. Your weath or property could be seized to satisfy a judgment.
- Landlords, including people who rent part of the property where they reside or who rent out a vacation property
- People who rent their property out through homestay sites like Airbnb, or VRBO
- Individuas who have teenage or inexperienced drivers in the household. An at-fault accident with sever injuries could easily exceed the limits of your auto insurance.
Umbrella coverage is a serious topic. Bivins is here to have these conversations with you.
Why You Need Umbrella Insurance?
Some Scenarios to Consider:
- A serious auto accident. You or a family member cause a multi-car collision that results in severe injuries and property damage. Your existing auto policy covers up to $500,000, but medical and legal claims in this case total $2 million. A proper umbrella policy pays the additional $1.5 million, protecting your savings, property, and wages.
- Liability from a Home Accident. A guest gets seriously injured on your property and sues for medical costs and lost wages. The guest wins a settlement in court of $1.2 million. Your homeowners liability only covers $300,000. Umbrella policy saves the day and covers the $900,000 gap, preventing liquidation of investments and property.
- Investment Property or Rental Liability. A tenant or visitor at your rental property and sues you for negligence. You have a landlord policy, but it only covers up to $300,000. Umbrella Policy can cover the shortfall of an award over the $300,000 provided in the landlord policy.
Who Needs Umbrella Insurance
- Homeowners with High Public Exposure. Do you host frequent gatherings? Have a pool, have large dogs, or perhaps own multiple properties. You can benefit from the added protection of Umbrella Coverage.
- High-Net-Worth Professionals. Physicians, attorneys, executives, or business owners who have built up substantial income and assets. These individuals have significant exposure to lawsuits, and umbrella policies help protect wealth, real estate, investments and earning.
- Real Estate Investors and Landlords. Individuals who own one ore more rental or vacation properties. Lawsuits can quickly exceed standard landlord or homeowners policy limits. Umbrella policies are a smart choice for investors.
- Families with Teen Drivers or College-Aged Children. Umbrella policies can keep your assets secure in the event of a liability claim from a serious accident. Also, a new type of liability has been born, that of defamation and libel type lawsuits. Young people active on social media present a unique challenge for high-net-worth parents.
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