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Insurance Advisors' Newsletter
June 2015


Do You Need an
Umbrella Insurance Policy?
Written by Susan Cormier for Insurance Advisors

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IA Team

Umbrella insurance policies offer you protection when you or a family member causes someone else to suffer injuries that exceed the liability limits on your traditional home or auto insurance.

So how do you know if you need an umbrella policy?

Well, if you own a home and have substantial investments or retirement savings or significant assets, you would probably want an umbrella policy to protect them.

Other reasons to consider umbrella policies are if you have a swimming pool or trampoline, or if you own a dog. 

So how does it work?

Suppose someone gets hurt on your property and files a lawsuit. Your personal liability coverage on your home or renters insurance can get eaten up rather quickly, especially if a young child suffers a serious injury. When that happens, you’re responsible for paying the rest out of your own pocket. 

The same holds true with your auto insurance liability coverage. If you have coverage that is expressed as 25/50/15 and you caused an accident, your insurance will pay a maximum of $25,000 per person for injuries other than your own, $50,000 for injuries regardless of how many people are hurt and $15,000 for any property damage. 

Once again, when those limits are reached, you’re responsible for any additional expenses above those coverages, including medical costs, legal awards and even defending yourself in a lawsuit.

It can become fairly obvious when umbrella policies might be beneficial. 

The good news is that umbrella polices are relatively cheap. Insurance Advisors would be glad to provide you with exact details, but generally speaking, a $1 million umbrella policy costs about $200.

If you’d like to learn more about umbrella policies or have a discussion about whether you need one, please give the Insurance Advisors a call at 720.210.9898.

The Hartford

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19751 E Mainstreet, Suite 380, Parker, CO 80138   |   720.210.9898   |   www.theinsuranceadvisors.net
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