The Importance of an Umbrella Policy
Many people are under the false assumption that only those who are wealthy and renowned get sued; unfortunately, this could not be further from the truth.
We live in a litigious society. Lawsuits are common and they can happen to anyone that is why umbrella insurance has earned the nickname, “bad luck insurance.” An umbrella policy is an extension of your auto insurance or homeowner’s coverage. It is insurance designed to protect your assets.
“If you or someone in your family is sued, a lawsuit can wipe out your child’s college fund, your retirement savings and any other personal assets. You can be left in debt and financial ruin if you are not adequately covered,” said Ellsworth Buck, Vice President of GreatFlorida Insurance.
An umbrella policy can be used in the case of lawsuits, property damage, injuries, slander and libel, worldwide incidents and false arrest and imprisonment.
Let’s look at some scenarios where a lawsuit could be awarded to someone holding you responsible.
- Your dog attacks and bites a neighbor causing injuries.
- Your son or daughter invites some friends over to swim in your pool and a friend slips while running around the pool or while diving into the pool and suffers a serious head injury.
- Renovations are being done on your home and a handyman or contractor falls off a ladder causing an injury.
- You are a chaperone on a field trip and one of the kids seriously injures themselves.
- Your teenager is driving in a car with other kids and runs off the road striking a tree and the passengers are injured.
- One of your family members goes online and writes negative, false comments about a teacher or classmate.
- You own rental property and your tenant trips in the driveway over a crack in the concrete of the property and sustains an injury.
While these incidents are uncommon, accidents do happen. Individuals have been sued by neighbors, friends and even family members.
An umbrella policy will not protect your business because it is personal insurance. It will also not protect you if you have committed a crime, such as driving under the influence or sexual harassment.
At GreatFlorida Insurance we have no intentions of using scare tactics, we just want Floridians to be informed about liabilities they could be responsible for, and our priority is to shelter your assets.
If you want to peace of mind that you and your family are protected against the limits of your insurance policies, contact a GreatFlorida Insurance agent today at 1-888-478-7801 or complete our free online quote request form at www.greatflorida.com.
Our trusted agents will help find the best deal for you, without selling you unnecessary umbrella coverage.