360-734-5204

1844 Iron Street Bellingham, WA.

Aug 17

Umbrella Policies: Do you really need one?

Do you need an Umbrella policy? How do you know? Ask yourself these simple questions:

  • Do you have a job?
  • Do you have assets? Own your car, home, boat…etc
  • Do you have a retirement plan?
  • Do you have a savings or checking account?
  • Do you have a young driver?

If you answered yes to any of these questions, then listen up!  Your future depends on it.

Here are some real life examples of how quickly an innocent accident or mistake can turn into a potential lawsuit:

  • Son of the policy holder was at a friend’s house playing “airsoft”.  The friend’s girlfriend was there playing with them but refused to wear the required protective gear.   A BB hit her in the face and chipped her tooth.  The girlfriend’s parents threatened to sue the parents of both boys claiming permanent damage, emotional trauma.
  • Family was hosting a high school graduation party and had a zip line in the backyard leading to their pool.  A guest tried out the zipline but fell before the pool and fractures her hip.   $300K reserved under the homeowners and $200K reserved on the Umbrella, case is still pending.
  • Policy holder driving on the freeway and causes an accident with a semi-truck carrying $750K of cargo.
  • A 72 year old policy holder rolls his vehicle merging onto I-5. His passenger is killed. $650,000 paid out. $300,000 on his auto policy and $350,000 on his personal umbrella policy

It doesn’t take much anymore to be sued and medical costs quickly absorb the limits.  If the judgement is more than your home or auto limits, you will be responsible for those additional costs….Unless you have an Umbrella policy.

Here is a great video that quickly explains why an Umbrella is important and provides some real life circumstances of when it can come in handy.

http://www.nextavenue.org/article/2012-03/umbrella-liability-insurance-it-necessary

If you have questions on whether or not you need an Umbrella or would like a comprehensive review of your insurance, give us a call to schedule a one-on-one appoint:

Ph: 360-734-5204 or toll free: 800-562-8834 or email us!

Suzanne Taylor, CISR

Commercial, Life & Residential Insurance
suzanne@bobwallin.com
360-734-5204 or toll free 800-562-8834
Home site: www.bobwallin.com; Community site: www.bwicares.com

Bob Wallin Insurance: “Securing the way you live.”