5 Scenarios Where You Should Consider Umbrella Insurance

5 Scenarios Where You Should Consider Umbrella Insurance

May 07 2019

5 Scenarios Where You Should Consider Umbrella Insurance

At Bearingstar Insurance, we believe that insurance is more than just a piece of paper, it’s peace of mind — and an umbrella insurance policy can offer just that by providing additional liability coverage beyond the limits of your home or auto insurance policies. While we’ve already covered the basics about umbrella insurance in our blog, we wanted to offer more insights on specific scenarios where you would benefit from having an umbrella insurance policy in place.

You Frequently Entertain In Your Home

Unfortunately, no matter how careful you may be, accidents do happen — and if you frequently entertain guests in your home, this risk only increases. Imagine this: you’re hosting a summer BBQ in your backyard. One of your guests has one-too-many drinks and slips and falls on the steps to your porch. They end up hitting their head and have to be taken to the hospital. In this scenario, you could be responsible for their medical bills, lost wages and pain and suffering if they decide to sue you. Even if you did nothing wrong you will have to defend yourself in a lawsuit and the cost of paying a good attorney to defend you can really add up and eat into your homeowner insurance limits.  If these fees exceed the limits of your home insurance policy, your umbrella policy would kick-in, offering additional coverage for these extra costs.

You Have A Pet

While having a dog is a great pleasure, it is also a huge responsibility. According to the CDD and Insurance Information Institute, about 4.5 million people are bitten by dogs each year, and over half of dog bite injuries occur in the home. Moreover, the average cost per claim for dog bites has increased over the years, making umbrella insurance a smart investment if you have a dog at home.  

You Have A Swimming Pool On Your Property

Do you have a swimming pool? Everyone’s favorite summer activity to beat the heat can, unfortunately, result in injury. If someone is injured while using your swimming pool, you could be held responsible for any resulting medical bills they may incur in addition to the attorney fees you will incur to defend you should they decide to sue for damages. Once again, in this scenario your umbrella policy would extend your liability coverage beyond the limits of your homeowners policy — helping you worry less while your guests enjoy the pool.

You Have A Teen Driver At Home

Teen drivers are at a higher risk for auto accidents as they are still learning the rules of the road and getting used to driving. According to Teen Driver Source, teen drivers ages 16 to 17 are nine times more likely to get into an auto accident than an adult. You can protect yourself against this increased risk by having an umbrella insurance policy in place.

You Have a High Net Worth

You have worked hard building your assets; your salary, your home, real estate investments and  retirement and other savings. However, it all may be at risk should you experience a simple accident or mistake that caused injury to someone else.  Umbrella insurance is an inexpensive way to protect a lifetime of earnings and success.

While these are just a few examples of scenarios where you would benefit from having an umbrella insurance policy in place, we can’t stress enough that nearly everyone can benefit from this additional liability insurance option. If you have more questions about an umbrella insurance policy, a local Bearingstar Insurance agent would be happy to assist. Visit our website to connect with one today: http://bit.ly/2WVYd1C  

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