INDUSTRY INSIGHT
INSURANCE SPONSORED CONTENT
YOU MIGHT NEED UMBRELLA INSURANCE
AND NOT EVEN KNOW IT
(… until it ’ s too late !)
When was the last time you actually thought about your home and auto policies ’ limits of liability ? Imagine this :
You ’ re driving home from work , and you drop something between the seats . You look down for barely a second — just barely a glance — and in this quick blink you don ’ t realize the car in front of you has to stop suddenly to keep from hitting a deer . Your car slams into that car . Metal crunches . Your airbags deploy . The dust settles , and you get out . Luckily , no one is seriously injured . But the woman you hit — a highly paid surgeon — hurt her hand in the accident . Because she won ’ t be able to work for the next six months , she ’ s suing you for her lost income of $ 1,000,000 . But your auto policy ’ s liability limits max out at only $ 300,000 . So , what happens then ? Without umbrella liability insurance , your assets — your savings , your car , your pension , even your home — could be at risk . But this is one of many scenarios where umbrella insurance could help you out BIG TIME . Umbrella insurance would kick in to cover that additional amount for which you ’ re found liable . Put simply , umbrella insurance is excess liability insurance . If it ’ s been years since you ’ ve considered the exact number listed on your policy next to Liability Limit , then you could be at risk . Because , in general , as people get older and make more money , they tend to collect more and more assets . And once the combined total value of all those assets becomes more than your current liability limits , those same assets fall at risk to be taken away with just one lawsuit or major claim .
Plus , umbrella liability insurance can cover claims that could be excluded from your other policies : claims like false arrest , libel , slander , and liability coverage for any rental units you own . In fact , just a single negative comment posted by your child on social media could trigger a major claim for which you ’ ll need umbrella coverage . ( Seriously , this happens more than you might think .)
NOT SURE IF YOUR ASSETS ARE AT RISK ? WE ’ VE GOT YOU COVERED . Just visit ruppfiore . com / umbrellacalculator to use a free and completely anonymous umbrella asset calculator . You ’ ll know in no time where you stand . And , of course , we ’ re always one call ( 724.861.0300 ) or one click ( cschaffer @ ruppfiore . com ) away !
This Industry Insight was written by CANDICE FIORE SCHAFFER , a licensed insurance agent able to sell all types of insurance products including personal , business , life , and health . Her main focus is on business insurance and the personal insurance for those business owners . Candice has been with Rupp-Fiore Insurance since 1990 . She earned her bachelor ’ s degree at the University of Pittsburgh and a master ’ s degree in Risk Management / Insurance from Florida State University . Through the National Alliance of Insurance Education , Candice has also earned the Certified Insurance Counselor ( CIC ) and Certified Risk Manager ( CRM ) designations .
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