Insurance 101 - Should I consider an Umbrella?

In the NW we all are pretty familiar with Umbrellas, but do you know how an insurance umbrella can protect you and your family?

Last week we discussed and what we should consider when building an insurance plan for our family.

What if we go through the process of adding up all the assets we are looking to protect, and it is more than the limits offered through our auto policy? If that is the case for you and your family, it is time to consider an umbrella.

I'm pretty sure that most of us don't think about insurance when we hear the word umbrella. Just like an actual umbrella protects you from the rain, an insurance umbrella can protect you and your family from a large liability loss. It is a separate policy that extends your liability limits on your home and auto policies. Typically they are sold in increments of $1 million.

Why would you want to consider an umbrella? Unfortunately, in today's world, no one is exempt from a large liability loss. Let's be honest with ourselves, people are more willing to sue every day. I could go on and on about the huge number of lawsuits and the insane dollar amounts being awarded in the courts today... but I don't want to scare you. I just want to protect you and your family where we can.

Now, you may think this insurance must be incredibly expensive and there is no way you can afford it. That just isn't the case, it is the most cost-effective insurance you can buy. For most families, a $1 million dollar umbrella can be obtained for less than $200 / year. That is the same as one pizza a month.

In today's litigious society an umbrella policy is something all families should consider. If you want to find out more about an insurance umbrella call your personal agent and ask how much it would be to cover you and your family. They can take the time to explain how this policy can benefit you and your loved ones.

The bitterness of poor coverage lingers long after the sweet price is forgotten.

Joe Urvina is an insurance agent located in Gig Harbor, WA
Twitter - @UrvinaInsurance
(253) 858-5881

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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