Personal Umbrella Coverage: Make It Apart Of Your Financial Plan
April 20, 2023
Blog Post by President, CPCU, CIC, CRM -Douglas MacDonald
Picture this. Your daughters are playing with the neighbors’ children on your backyard swing set. The neighbor’s child happens to fall off the slide and severely injures themselves. After a trip to the hospital, your neighbor decides to sue you for the cost of their medical bills and potential medical complications. Considering this happened on your property, you could be found liable. Who is to say the lawsuit does not exceed your existing liability coverage?
Personal Umbrella Insurance can provide additional financial protection if your underlying liability limits are exhausted during a claim. You can easily purchase up to $10 Million of coverage. This can help pay any outstanding judgements resulting from the medical costs, pain/suffering, property damage, and slander. Don’t let a financial liability threaten everything you have worked so hard to build.
Speak to one of our risk advisors to learn more about affordable umbrella policies. The average cost for a one million dollar umbrella policy can range from $5 to $6 per week. We are here to guide our clients on financial consequences of unforeseen liability claims that can happen. Contact us at 800-800-8990 or visit us at www.riskadvice.com if you want to learn more about this important protection.