Personal Umbrella Policy

 

Everyone Can Use a Personal Umbrella Policy


personal umbrella insurance

Some people have all the luck. Others don’t. Whether you are in the happy-go-luckier first category or the more cautious second, things don’t always go the way you want them to – that’s why you have insurance, like homeowner’s insurance and auto insurance. When things go really wrong, there’s personal umbrella insurance.

Personal umbrella insurance is for when, no matter how well you have planned with your current insurance policies (or how lucky you tend to be), something happens and your needs go beyond standard liability coverage.

Say, if your auto, home, or boat liability limit is $300,000, and you’re responsible for an accident that results in significant bodily injury or death, the actual damages might far exceed your $300,000 policy. In this case, your home could be at risk when the courts seize your assets to cover the damage. Get the picture?

At O’Donovan Insurance, LLC, a family-owned independent insurance agency, we care about our clients. We believe everyone should not leave things up to chance. That’s why we are ready to talk about putting a personal umbrella insurance plan in place for your protection.

How Much Personal Umbrella Insurance Should You Carry?


With a personal umbrella policy, the question isn’t so much whether you should carry a policy, but to what extent you should carry one. When mulling over plans, consider the following:

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    The risks you may face

    Are you a homeowner, or are you a renter? Is the risk of an accident during your work commute a great one? Are there any other activities you participate in regularly that are dangerous?

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    The value of your assets

    The more assets you have, the higher the umbrella policy limit should be considered.

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    The potential loss of future income

    It isn’t just current assets that need to be protected in the event of a liability lawsuit. Future income can be sought after as well, and those with few present assets subsequently need to consider the long-term consequences of claims.

personal umbrella policy

Personal umbrella insurance plans are particularly affordable. Because of the relative infrequency of claims, umbrella insurance is one of the best deals around. O’Donovan Insurance agents are well versed in finding the right policy to suit individual client requirements. Depending on which insurance company we use, coverages are available from $1 million to $5 million at very low annual costs.