What if the unthinkable happened to you?  You were the cause of a major accident that caused death or serious injury.  Would your insurance liability coverage be enough to cover the injured parties expenses, and protect your from financial ruin?

For the vast majority of people the answer is “No”, but the umbrella policy can help you change that.

The umbrella policy starts at $1,000,000 in liability coverage and it covers your excess liability over your auto and homeowners insurance limits.

This means that if you auto insurance liability limit is $250,000 per person; with the umbrella policy in place you will then have $1.25 Million in liability coverage.  If your homeowner’s liability limit is $500,000; with the umbrella policy in place you will then have $1.5 Million in liability coverage.

Do you really need that much coverage?

If you are the cause of a serious accident you will suddenly be thrust into a “perfect storm” of financial ruin.  The combination of high medical expenses, attorney’s fees, and a “sue happy” society could cost you’re your life’s savings, future earnings, and equity that you have built in your home.

How much does it cost? 

Fortunately this type of coverage it is very affordable.  It varies from person to person, but I typically see a premium range of $200 to $300 per year.  $25 per month is not a lot of money to protect everything that you’ve worked for your whole life, especially in light of how much we spend for gas, cable TV, and dining out.

Who needs an Umbrella Policy?

As an agent it is vitally important that I get to know my clients as best as possible.  This helps to recognize different risks associated with their occupation, hobbies, and life style.

I recommend this coverage to all of my clients, but I strongly recommend this coverage to people who have occupations that make them more susceptible to law suits, such as people who work with children.  It is my opinion that every teacher, Sunday school teacher, bus driver, day care worker, and little league coach have the umbrella policy as part of their insurance portfolio.

I also strongly recommend this coverage to people that have money that they want to protect.  Equity in homes, savings accounts, retirement accounts, future earnings, and other assets are all at risk when there is a serious accident.

For more information on the umbrella policy or to review your coverages, contact Bragg Insurance Agency.