Is an umbrella policy worth it?


Umbrella policies may be appropriate if your assets exceed your auto or home liability insurance limits. While the cost does range based on various rating factors and carriers, the investment is still minimal if you have significant assets.

Imagine this scenario. Your home is worth $350,000. You have $400,000 in invested assets in your personal name. You have four vehicles that your family regularly drives valued in total around $100,000. You have a $25,000 bass boat you can’t wait to take out this summer when you visit your $150,000 cabin on the lake over the weekends. You have the highest liability limits available under your current auto policy: $250,000 Bodily Injury Per Person, $500,000 Bodily Injury Per Accident, $100,000 Property Damage Liability. You have one teenage driver. He is a model student, athlete, and everything in between. Loved by all. Very responsible. Until the one time he was going a little too fast, looked at a text message and ran a red light…

The car he hit? Totaled. Valued at $80,000. Your property damage coverage takes care of that. But the person in the vehicle?  In critical condition, rushed to the hospital, kept for days to have multiple procedures and now it appears they will need ongoing care throughout their lifetime. Medical bills and punitive damages for this claim now reach $800,000. You only have $500,000 left of insurance coverage so where will the $300,000 additional coverage come from? The easiest solution may be an umbrella policy.

We never know when an accident could happen. Help protect your financial future and your peace of mind. Call us today to look for options!

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Disclosure: This is a hypothetical example provided for illustrative purposes only; it does not represent a real life scenario, and should not be construed as advice designed to meet the particular needs of an individual’s situation. Insurance products are offered through the insurance business Bradshaw & Weil Wealth Management, LLC. Bradshaw & Weil Wealth Management, LLC is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products.The insurance products offered by Bradshaw & Weil Wealth Management, LLC are not subject to investment Advisor requirements. 1401031 – 1/23

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