Is an Umbrella Policy Worth It?

Umbrella policies are most definitely worth it 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 is an umbrella policy.

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

Insurance services provided through Bradshaw & Weil, Inc Insurance & Financial Planning. Any and all other services related to insurance are an outside business activity and are not offered through or supervised by AE Wealth Management, LLC.

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