If you own a swimming pool, your personal assets are exposed and your homeowners policy liability limit may not be enough.
A standard liability limit is 300,000
but we are seeing many homeowners policies with only a 100,000 limit.
The cost between 100,000 and 300,000 can be as low as $10.
But is a 300,000 liability limit even enough in our litigious New Orleans environment?
There is no greater risk of injury at your house than having a swimming pool.
Invite your friends over for a pool party and serve alcohol?
Your kids want their friends to come over and play?
All it takes is one slip.
One dive into the shallow end of the pool
and you are getting an attorney letter in the mail.
You need to ask yourself when you receive the letter,
How much liability do you need to sleep well at night?
No. That limit will be exhausted in a few months.
Maybe but if a child is paralyzed or sustains a prolonged injury,
those limits will be exhausted.
Your homeowners insurance policy only pays up to the limit of the policy.
You are on your own after your policy limit runs out.
An out of pocket legal defense can evaporate any savings you have.
What you need is a low cost Umbrella policy.
Limits began at 1,000,000 and can go up to 5,000,000.
And if you have a diving board, trampoline or slide,
your homeowners policy more than likely will provide no coverage defense for you.
But a true Umbrella will cover you.
What is the cost of an Umbrella policy?
The premiums start at $200/year.
If you purchase a 1,000,000 Umbrella policy,
you would have an additional 1,000,000 of coverage over your 300,000 homeowners liability limit.
So if you have a claim,
you have 1,300,000 available for a liability coverage defense.
That could help you sleep a little better.
You also get an additional 1,000,000 over your
- rental dwellings
How do you qualify for an umbrella?
Your underlying policies must meet the minimum liability limit
- Auto 250,000/500,000/100,000
- Homeowners 300,000
- Boat 300,000
- RV 300,000
- Motorcycle 250,000/500,000/100,000
- Rental Dwellings 300,000
Don’t rely on your New Orleans homeowners policy to cover you for a swimming pool liability claim.
And don’t believe in New Orleans you have to be negligent to be legally liable to an injured party.
This is New Orleans.
You will receive a letter from an attorney.
Even if you are not negligent,
more than likely your insurance company will still pay at the very minimum a nuisance settlement.
We review your
- Boat, RV, Motorcycle
- Rental Dwellings
and put together an analysis of your policies to make sure you are not exposed to uncovered claims or lawsuits
Own a swimming pool and only have 100,000 of liability on your homeowners?
Own a nice house but your auto limits are only 15/30/25 and you didn’t purchase Uninsured Motorists coverage because it was not explained to you properly?
Every commercial you see on television about insurance is
“switch and save”
Its all about the cheapest rate.
Insurance is not about the cheapest possible rates to get just the minimum coverage to get by.
Insurance should be used to protect yourself from a devastating financial event you can’t recover from.
If you are interested in a no obligation review of your insurance protection,
we offer a complete 360 Protection Plan review to uncover gaps in your coverage and we will make recommendations to you.