Does your lifestyle include one or more of the following:
- Do you entertain guests at your home?
- Do you drive long commutes?
- Do you have teenage drivers in your home?
- Do you do volunteer work?
- Do you have a swimming pool or lake access?
If you answer yes to one of the above questions…then you may need to shield your personal assets (home, retirement/savings/investment funds, future earnings) from judgments.
One of my insurance companies shared this claim… a client’s son was driving a jeep and lost control of it. He struck an embankment and rolled the vehicle. As a result of this accident the passenger is a quadriplegic. Over a million dollars has been paid on this claim.
Another claim that was shared…a guest in a home was struck in the eye with a water balloon. He sustained a detached retina and undergone surgery twice. Over a quarter of a million dollars has been paid.
Umbrella policies provide an additional layer of protection for your personal assets. Starting at a coverage of 1 million, an umbrella will protect you against lawsuits from accidents that occur in your home, rental properties, automobiles, boats, and toys likes snowmobiles, 4-wheelers and dirt bikes.
