The VanDyke Group | Are You Ready With Umbrella Insurance?
Do you have a car, a dog, or a swimming pool? These are just some of the things that can cause harm to others and you would be responsible to pay for the damages. Read more to see if you should consider personal umbrella liability insurance in addition to the policies you already have.
umbrella insurance, insurance, personal umbrella liability insurance, liability insurance
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23 May Your Umbrella’s Gotcha Covered

Summer is coming and the swimming pools are being opened, graduation parties are being planned, and you’re having work done on the house. What if your neighbor’s child gets hurt slipping on the wet deck, or your workmen injure themselves on your property? Would you be able to pay for the inevitably huge settlement if they sue?

These scenarios are exactly why personal umbrella liability insurance is so important. You never know when accidents will happen and it is best to be prepared before they do. Umbrella insurance picks up where standard liability insurance policies leave off. Once the limits for homeowners or auto insurance are exhausted, umbrella insurance takes over. Without this protection, there is a danger that assets such as retirement accounts and college funds are at risk.

Personal umbrella liability insurance can stretch your coverage into the millions. So, how much coverage do you need? To start, you should determine your net worth by totaling up the value of your assets and subtracting any debts or liabilities you currently have. You should also consider your current and expected income. In general, the higher your net worth the more coverage you should have. This type of insurance is also based on the coverage of your standard liability policies. There needs to be a minimum degree of coverage for your homeowners and your auto policies before adding the personal umbrella policy and these amounts can vary by state as well as by insurer.

Umbrella insurance adds an extra layer of protection for those unforeseen auto accidents, dog bites, falls on your property or any incident that you can be found liable for. It is a nominal cost and easy to add to your existing policies and your agent can help you assess the amount of coverage that is necessary given your budget and risks.


Source: Travelers, Inc. and

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Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.