The one policy you need to protect what you have
from the desk of Agent Tim
Not sure if you need a personal umbrella policy?
It takes one mistake or accident to alter your lifestyle and that mistake or accident takes seconds.
The article explains why you need to protect you, your family and your assets today.
You need a personal umbrella policy if you
Own a Car
Own a house
Own a rental property
Own a boat
Want to protect your future earnings
Want to protect your assets from a lawsuit
BAD THINGS HAPPEN TO GOOD PEOPLE
You need to use insurance to protect what you worked so hard to buy.
An Umbrella policy is designed to protect you and your family from a financially devastating event.
If an accident happens and you are legally liable for damages, your financial future is in the hands of the insurance claim representative and in our area, more than likely, the plaintiff attorney.
They will decide your fate.
If they can’t settle the claim, the case goes to court and either a plaintiff friendly judge will decide the damages or a jury of your peers.
YOU DON’T HAVE TO BE A MILLIONAIRE TO GET SUED LIKE ONE
If you only have 100,000 of liability on your auto policy, but the judgement is 500,000…
Your auto policy would pay $100,000 to the plaintiff(s) and you would be responsible for paying 400,000 out of your pocket.
REAL LOUISIANA CLAIM PAYOUT
While driving a friend to the movies, the insured driver lost control and hit a telephone pole.
The passenger became disabled and lost use of her right arm and suffered brain injuries.
The claim was settled for $1,350,000
HOW MUCH DOES A PERSONAL UMBRELLA COST?
The cost of an Umbrella can be less than
$1 a day
WHAT UNDERLYING LIABILITY LIMITS DO YOU NEED TO QUALIFY FOR AN UMBRELLA?
Auto liability 250,000/500,000/100,000
Rental Dwelling 300,000
WHAT DOES THE PERSONAL UMBRELLA POLICY COVER?
A personal umbrella policy protects you in two ways:
Increases the liability limit above your primary policy limit
Usually 1,000,000 to 5,000,000 but some companies can go as high as 100,000,000.
If you have a 250,000 auto policy limit and a 1,000,000 umbrella policy,
you would be protected up to 1,250,000 on an auto insurance claim.
Do you own a swimming pool, slide or trampoline?
More than likely your homeowners policy excludes liability from a diving board, slide or trampoline.
What causes the most injury claims in your backyard?
a diving board, slide or trampoline.
If you have a swimming pool or trampoline you must have a Personal Umbrella Insurance policy to protect you from a liability claim.
LIBEL, SLANDER or DEFAMATION OF CHARACTER
Posting on social media has increased the liability exposure to millions of Americans.
You need to be aware what is typed on social media can result in a liability claim settlement and your homeowners insurance policy may not be enough.
Some homeowners insurance policies have a sublimit of $25,000 to $300,000 for personal liability.
Risks online include
Sharing sexually explicit content
Defamation of character statements
These claim settlement often exceed your available liability limit on your homeowners policy and you would be left paying out of pocket the remaining settlement.
PROTECT YOUR ASSETS
Yes a court is not going to throw you out of your house and put you on the street but your lifestyle will be limited after a court settlement.
Assets at risk when the insurance runs out?
Valuables, jewelry, personal property
Future wage garnishment
How to determine if you need a Personal Umbrella?
Look at these five things to determine if you are properly protected.
Just add these values
+Equity in your Home
+Sum of all property you own
+Your total investments (stocks, funds, ira)
+Your savings and checking account balance
+Add up you and your spouse future wages (multiply your annual salary by the estimated years until retirement)
=The result is add up all the amounts above and compare to your liability limit amount on your auto or home.
Does the above amount exceed the liability limit of your auto insurance?
The number #1 reason that should get your attention is future wage garnishment.
In the event of a judgement against you, your future wages could be garnished until you make the injured party whole.
How much liability insurance do you need to help you properly protect yourself against a judgement and future wage garnishment?
What’s this all about?
Every company has a different policy form so you must check with your agent to determine if a possible future claim would be covered under an Umbrella.
The purpose of insurance is to protect you from something you can’t financially recover from.
The umbrella policy is the most important policy you can purchase to protect yourself from unforeseen events that put your assets at risk.
My name is Tim D’Angelo and I would like the opportunity to talk to you about using insurance to protect your assets.
Complete the form and I can explain in more detail about the need for a Personal Umbrella Insurance policy in South Louisiana and answer any questions you may have.
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