One of the most common questions that we answer for our clients is whether or not a personal umbrella policy is right for them – from our experience nine times out of ten it is. Explaining to someone the criticalness of this coverage leaves a lot to be desired, which is why we often share worst-case scenarios with our clients to help demonstrate the benefits of the extra liability coverage. So, imagine this…
You’re driving your significant other to Logan airport for their upcoming business trip. When just as you are pulling up to the curb of the airline’s drop-off area, a distracted pedestrian steps out in front of you and your moving vehicle. Thanks to your quick reflexes, you manage to stop the car but not before hitting and injuring the traveler. The next couple of months are an emotional rollercoaster; you’re happy that the traveler was not seriously hurt, frustrated that they were not paying attention and crossed the road while blatantly looking down at their smartphone, and annoyed that the court ruled that you’re personally responsible for the accident. Now that the court has made their official ruling, you are left paying out of pocket to cover the damages, including all medical bills, lost wages, and court and attorney fees.
Without a personal umbrella policy, which provides extra liability protection above and beyond your auto and homeowners policy, your current savings, retirement and future earnings are all at risk. The financial implications are clear, but have you ever stopped to think about how the aftermath of such an accident could also have a rippling effect on your life, making it that much harder to achieve financial stability, move into your dream home, start a family with your spouse, take a vacation, or retire?
At Chisholm Insurance, we are huge advocates of personal umbrella insurance. Not only does it offer life-changing coverage should a horrific event happen to you or a loved one while driving a car, hosting a backyard BBQ, or even walking your dog around the block, it is also extremely affordable. For as little as $250 a year, that’s only $21 a month, you can increase your personal liability coverage by a million dollars.
Libel or Slander
Violation of Privacy
Legal or Court Fees
Fact or Fiction? An umbrella policy covers expensive personal items, such as a diamond engagement ring.
First and foremost, a personal umbrella policy is a liability insurance policy, which means that it provides additional financial protection against claims resulting from injuries and damage to people, property, or both and would cover the cost of legal fees or payouts if the insured was found legally responsible for the damages.
Therefore, an umbrella policy will not provide coverage for your personal and cherished belongings, such as fine jewelry, art, collectibles or any other valuable items. The best way to protect your prized possessions, those that would be very expensive to replace and hold much sentimental value to you, would be to add a specific endorsement or rider to your homeowners or renters policy. In addition to setting you up with comprehensive home and umbrella insurance, the team at Chisholm can help you enhance your coverage with a scheduled personal property endorsement.
Whether it’s helping you determine if extra liability protection makes sense for you, answering your personal insurance related questions, or making sure you take advantage of all the cost-saving discounts available to you, the team at Chisholm Insurance is here to support you and your ever-expanding needs, all while making the insurance process as easy as possible.
To start the insurance process, or to simply learn more about our local and independent agency, call us today at 508-358-6111 or stop by our convenient Wayland location.