Personal Umbrella Policy

Have you ever wondered if you should consider an umbrella policy in addition to your existing home or auto? When it comes time to purchasing a new home or auto policy, it is easy to skip the umbrella quote in favor of the cheapest option right now. After all, home insurance and auto insurance are all that’s required, so why purchase anything additional?

At LD&B, we know what’s required is one thing; what’s needed is a different story. Do you need more protection for your assets, your family, and your personal liability than a typical home or auto policy can supply?

Consider the two scenarios below, both actual events.

Scenario one:

A young driver runs a red light and hits a car. Although the insurance company pays the claim out of the auto policy, the driver of the other vehicle sues above the claim payment for additional damages beyond the limit of the auto policy.

  • Thankfully, the parents’ umbrella policy provided for the expense of the lawsuit and additional funds if needed for the other driver. The insurance company also provided an attorney on behalf of the young driver.

Scenario two:

A teen driver inches out past the crosswalk at a busy intersection, trying to see when to turn. A car passing by strikes the teen’s car, totaling it. The teen is determined to be at fault, and the parents’ auto liability policy covers the damage to the other driver’s car. Years later, the other driver sues again for resulting pain & suffering from years of medical problems caused by the accident.

  • The parents did not have an umbrella policy at the time of the accident, so the at-fault driver, now a young professional just starting his career, faced the potential of a $50,000 penalty. Because the limits on the auto policy were exhausted, he was personally liable for the additional damages. Without any assets available, he would have to give up part of his future earnings for years to come.

Which situation would you rather be in? You can already see the benefits of an umbrella policy in case of an auto accident; but don’t forget that the same coverage can help you in many other types of personal liability claims!

At LD&B, we want to protect your future before something bad happens. It’s easy to think “It won’t happen to me” when it comes to insurance. Unfortunately, accidents can and do happen to anyone, regardless of precautions. That’s why adding an extra liability coverage in the form of an umbrella policy is a no-brainer.  Consider protecting yourself. As the saying about life goes, “when it rains, it pours” – and you don’t want to be caught without an umbrella.

Contact us for a quote!

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