Without an Umbrella Policy, You May End Up Hung Out to Dry
The need for liability protection today is greater than ever, yet statistics show that only about 15% of households buy personal umbrella insurance policies. This extension of protection is commonly overlooked and frankly unheard of by a large percentage of our population. Personal Umbrella policies cost less than $1 a day in most states and are a very economical purchase, however many people don’t understand the need for this layer of protection. If you drive a car, entertain house guests, own a pet, or operate a watercraft, then a personal umbrella insurance policy is right for you.
Driving a car is the primary reason to secure a personal umbrella policy? Although you carry auto insurance there are still potential gaps in your personal protection. Approximately 75% of personal umbrella claims are auto-related because a large percentage of our driving population consists of uninsured or underinsured drivers. Minimum limits in many states have not been increased in decades, leaving a large exposure to motorists. The common thought is that you should be worried about your own personal liability for causing an accident. While this is true, there should also be concern for an uninsured or underinsured driver causing an accident with injuries to you or your family. Without proper coverage, you would only be able to recoup the coverage limit of the at-fault driver, which often times isn’t enough to cover medical bills, pain and suffering, or loss of income.
Entertaining house guests, pet ownership, operating a watercraft and even renting equipment are additional reasons to secure a personal umbrella policy. Although less frequent, there are occurrences where house parties turn tragic and additional liability coverage is needed. Serving alcohol, fall related injuries on premise, and dog bites are all potential liabilities that a personal umbrella can protect against. If you own a watercraft, a swimming pool, a trampoline, or a treehouse, then you need a personal umbrella. Even renting equipment presents an exposure, especially equipment such as RV’s, snowmobiles, golf carts, or Segways. Contrary to popular belief, Personal umbrellas are not just for the extremely wealthy, it is for anyone who wants to protect their assets. A personal umbrella is the layer of protection that stands between you and a potential bankruptcy.
Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country, and the Gulf Coast Beaches.
The purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.