Worth the expense if purchased correctly
May 05 '00
Sad to say but I have to disagree with fellow epinion colleague dkarmol. Purchasing an umbrella policy to protect you and your family should be at the top of your list if you own a home or rent an apartment. You have to have an auto policy in place to purchase this blanket protection.
True, the policy does not kick in until you have depleted your homeowner policy or auto insurance policy but many companies only require you to carry 300,000 liability to purchase this insurance. Ask your insurance company what limits of liability you have to carry to purchase this policy.
Your umbrella policy will cover your home, auto, boat and liability extended to other homes you may own. I usually don't sell more than 2 million in protect unless the client has many assets to protect.
You may add coverage to your umbrella to protect your family against uninsured drivers or underinsured drives. If you had a car full of friends and family and they were all hurt in an auto you were driving, I am afraid to say you might be sued for injuries they sustain. If you are found at fault for the accident your 300,000 on your auto will not be enough to cover everyone.
Think about the young child that runs into the road and you could not break in time. You now have to deal with the death of a child and parents who are looking for someone to pay for their pain and anguish.
What about the auto that hits your car that has no insurance. You can go to your own policy and collect under the UMBI but what if it is not enough to take care of all injuries. You can try to sue the party that hit you but if they can't afford insurance I am sure they don't have a bank account.
Summer is just around the corner and many are getting their swimming pools ready. Have you put up the No trespassing sign on your property. The one you think will protect you if a child wonders onto your property and drowns in your pool. You may have stepped away for a minute to the net you left in the garage and upon your return you find the child face down in the water. Not your fault, think again.
These are just a few reasons why I recommend having an umbrella policy. Yes, the insurance company may make money on these policies but remember the child in the pool could be yours.
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Epinions.com ID:
GrandmaSandy
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Member: Sandy
Location: Cromwell,CT
Reviews written: 183
Trusted by: 206 members
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