You have automobile insurance.  You have homeowner insurance.  So you may ask “Why do I need umbrella insurance?”

The answer:  Your homeowner and auto insurance policies have coverage limits.  A personal umbrella policy can substantially increase your coverage above those limits.  Umbrella insurance is a low cost coverage that is designed specifically to protect you and your family against a catastrophic lawsuit or judgment against you.  Consider these two examples:

A man improperly installed a diving board in his former home; this later resulted in a serious injury to the home’s new owner. Out-of-court settlement: $2,500,000

A teenage driver hit a parked truck, causing his passengers to suffer serious head injuries. Out-of-court settlement: $1,875,000

If you were to have a judgment or settlement like these against you, your auto or homeowner policy would cover you to the extent of your policy limit.  If for example that limit were $500,000, you would be responsible for the remainder (not to mention legal fees).  A personal umbrella policy can protect you against expenses like these that could result in you losing your home, your car and much of your future earnings.

A Lappan Agency agent can help you determine what level of coverage is right for you.  Policy options can range from $1-million to $5-million.  You can rest easier that your assets, earnings and family’s future are protected.

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