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You don’t have to be a millionaire to be sued like one!In my experience, I have noticed that most people have some liability coverage for their homes, cars,boats, motorcycles and even their lives. What most people don’t plan for are the extended liabilities that are not covered under their current auto or home owners policies. What happens to you if a lawsuit exceeds the legal liability limits of your policy? Quite frankly, most don’t have enough liability coverage to protect their Savings (401k, bank accounts, CD's, etc.) and assets (homes, cars, boats, motorcycles) from a lawsuit. How can you tell if you need a PUP? Start by looking at your assets! Also, look at other factors in your life, such as a young driver in the household, a home with a swimming pool, or if you volunteer within your community. All of these are indicators that you may have a need. The most common homeowners policy will include $300,000 in liability and the most common auto will have $25,000 per individual and $50,000 per accident. 80% of liability claims are auto related, so to put it simply, most insured drivers with significant assets are at great risk. A Personal Umbrella Policy (PUP) works with your existing liability coverage, providing additional protection needed in the event of the unexpected. Do an annual review of your needs to maintain the proper protection for you and your family. Hopefully, this has been helpful information for you to decide if you should look into the coverage and benefits of having a Personal Umbrella Policy. |
