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Personal Liability Umbrella Insurance

Why You Need Personal Liability Umbrella Insurance

Not sure what Personal Umbrella Liability Insurance is?  Dollar for dollar, the personal umbrella liability policy is considered one of the best personal insurance buys.
Personal Umbrella Liability Basics:
It's an unfortunate fact that accidents happen - and it's not uncommon for jury awards and out-of-court settlements to run into the millions. While it's difficult to pinpoint the monetary consequences of the risks you and your family take each day, are you certain your current liability insurance offers you enough protection?
For example, what if:
•    Your teenager runs a stop sign, causing a serious accident?
•    A deliveryman falls on your sidewalk and is seriously injured?
•    A child is bitten in the face by your dog?
•    While playing golf you hit someone causing a serious head injury?
If you are found to be legally responsible for injuring someone or damaging their property, without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto, and watercraft policies.
Like an umbrella that protects you from the rain, a personal Umbrella Liability policy provides an extra layer of insurance for coverage over your standard liability policies for covered claims. In some cases it can even provide broader coverage than your primary liability policy, for certain situations, and drop down to be your primary policy.

Who Needs an Umbrella Liability Policy?

You do! Contrary to popular belief, Umbrella Liability policies are not just for the wealthy. At Associates of Glens Falls we recommend that everyone should consider carrying an umbrella policy. If you engage in a high-risk activity or hobby that increases your odds of getting sued (such as having a teenage driver, owning a swimming pool, entertaining frequently, owning waterfront property), it is wise to supplement your insurance with a personal Umbrella Liability policy.
How Much Coverage Do I Need?
Think about the worst case scenario and consider not only your total personal assets but also your potential personal risks. Call your AOGF agent to determine your personal risks and evaluate the amount of additional liability coverage that makes the most sense for you. Coverages start at $1 million, and go as high as $5 million. When considering the value of the umbrella policy, we're here to help and discuss your options.
How Much Does Coverage Cost?
Additional liability insurance is inexpensive when compared to the added coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating, etc., a $1 million umbrella policy typically costs less than $300 annually. Costs go up an additional $50 - $75 for each million thereafter.
Get the Best Rate
It's a good idea to source all your liability policies from the same insurance company; ask about our multi-policy discounts.
Don't wait for a rainy day to find out you need the additional protection a personal Umbrella Liability policy can provide.
Call your AOGF agent today at (518) 793-3444 to discuss your unique needs and learn about all of our liability insurance solutions

*Information courtesy of Zywave, Inc.
*The information, principles, suggestions and examples contained in this newsletter are general in scope and have been developed from sources believed to be reliable. This is not legal advice nor has any attempt been made to interpret any codes, laws, standards or regulations. Associates of Glens Falls, Inc. or any of its employees accepts no responsibility for the correctness or completeness of this material or its application to specific factual situations.