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All You Ever Wanted to Know About Insurance

Do You Need A Personal Umbrella Policy?

Did you know that the "average" personal injury lawsuit award is $789,784?  That's over and above what your auto or homeowners insurance policy may pay.  So in most cases, we are talking close to $1,000,000 (yes, MILLION) if you injure someone in a car accident, at your home, or maybe on vacation.  We believe that everyone should have a Personal Umbrella policy, but here are 5 exposures that make it even more important.  Do you have a Youthful Driver?  Statistics year after year show that young drivers account for 11% of all crashes.  And those crashes account for 33% of deaths among 13 to 19 year olds.   Are you a Successful Individual?  If so, you probably have assets that need protected that you have earned through your hard work.  Are you a Dog Owner?  There are almost 5,000,000 dog bites a year.  And while you think your dog won't bite anyone, what if they do?  Dog bites account for almost 1/3 of all homeowners liability insurance claims.  Do you own a Trampoline? A Pool? Have a Tree House?  All of these are considered by the courts to be an "attractive nuisance", or in other words, something that children are drawn to.  You may not invite them onto your property, but you are responsible if they get hurt.  When you go on vacation, or have a "staycation", do you have adult toys like a snowmobile, all-terrain vehicle, dirt bike, a boat?  While these items don't even come close to injuring or killing as many people as auto's do, they do represent a very large exposure that can be protected by having a Personal Umbrella policy.  In 2015, the last year with complete data available, there were about 97,200 injuries that occurred while using ATV's, and on average 687 deaths occur per year.  A Personal Umbrella policy can cost as low as $150 per year.  To us, that sounds like a pretty good investment to protect yourself from a $1,000,000 or more loss.  


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