Imagine losing your vacation home to a lawsuit because you were underinsured? Think of the frustration you would feel if you were forced to sell one of your vehicles to help satisfy a judgment? Without umbrella insurance, this is the reality many people face when their home, auto, and boat insurance come up short of a liability. Here at Doug Hansen Insurance, we can help protect your hard-earned assets even when you are responsible for major damages or faced with litigation.
We offer custom insurance designed specifically for you. As an independent insurance agency, we do not work for big corporate insurers – we work for our clients. We get to know your goals, learn about your dreams, and help set a secure foundation on which to pursue your ambitions. Home, auto, and boat insurance are a good start and can cover you against many different scenarios, but sometimes even a well-tailored primary liability policy could be lacking the coverage necessary to pay a major claim. We help fill in those gaps, safeguarding you and your assets against loss.
How Umbrella Insurance Works
An umbrella policy is a secondary coverage to the primary liability protection you have on your home, auto, and boat insurance. It kicks in once you top out the limits on your primary coverage, providing you with an additional $1 million or more in extended flexible liability. The coverage is also more flexible that a typical home or auto insurance policy. With an umbrella, you can also be protected against a broad range of additional damages, including those caused by slander, and libel. It can even follow you around the world when you are wine tasting in Italy or yachting in Greece.
To qualify for umbrella insurance, you may be required to raise the limits on your primary liability insurance. While many of our clients already have high limits, those with less than adequate liability coverage may need a minimum of:
- $300,000 or $500,000 personal liability (homeowners, renters, or condo)
- $250,000/$500,000 individual and total bodily injury liability per auto accident OR
- $300,000 combined single limit (CSL)
Could You Be Sued?
Lawsuits often happen to the most well-intentioned people. Everyone is at risk, and unfortunately, those risks tend to increase throughout life. When you purchase a boat, you take on a new risk. The investment property you decide to purchase and rent out to tenants could also pose a hazard. If you take a job with a long commute or allow your teenager to get her driver’s license, the risk climbs even higher. Even taking Fido to the dog park could put you in jeopardy of a liability.
The deeper your pockets become, the more you have to lose in a lawsuit. Those with a high net worth and no umbrella insurance could lose everything in a multi-million dollar lawsuit. Even those with a low net worth but the potential for significant future income or inheritance could be over-exposed to risk without an umbrella. That is because victims can pursue liquidation of both your current and future assets to satisfy a judgment.
Get an Umbrella Insurance Quote Today
When it comes to personal liability protection, do not wait until it is too late to find out you are underinsured. Contact an agent here at Doug Hansen Insurance to request your personal risk assessment and find out if umbrella insurance could be right for you. We look forward to serving you soon.