You Have One Big Umbrella (insurance)
Singing in the rain is something you might do once you realize how good your umbrella insurance policy is
. If you have to have ultimate peace of mind, you should supplement your standard policies with umbrella coverage. Here are some entertaining scenarios about when it would come in handy.
If you watch legal TV series all the time, you might discover that some situations always tend to attract trouble. For example, if you're wealthy and you're hosting a party with some new acquaintances, suddenly one guy falls. Unfortunately he breaks his leg. You wish him well as the ambulance pulls up and it drives off into the night. You continue your pleasant evening only to find that come Monday morning you get a letter in the mail. Freddy is taking you to court for breaking his leg. Poor Freddy wants revenge and compensation.
However, if you simply had umbrella coverage for your events, you could forget about Freddy soon enough- its not going to affect your bank account. Your umbrella coverage will pay all the legal fees for your defense and good name. Everyone's situation is different and you should consult with an expert like an agent before making decisions. We are not experts, safe to say as a disclaimer.
Now, perhaps at that same party, you invited too many people instead. The balcony decides to collapse, although only Freddie was on it at the time. Freddie forgave you, even though the hospital bills for his stitches and broken arms costs tens of thousands of dollars. Without umbrella coverage, most likely this amount is coming straight from your wallet.
When you choose a policy, you should make sure it fits your lifestyle. If you hang out with rich people, make sure your liability policy is worth millions of dollars (since they theoretically could sue you and make circles around you with their high priced lawyers). You don't have to be wealthy to require umbrella coverage. It just means you like to cover your assets. Even if you plan on becoming rich one day, you should also buy umbrella coverage.
Insurance is meant to mitigate your personal risks and to help you live a peaceful quality of life. In all seriousness, you want to have the best liability coverage you can afford, since this will ensure that if mishaps come, and then they will stay for awhile, but not remain in your life. There are also gaps that your umbrella coverage can fill up, such as if you decide to travel abroad and rent a car. Or, if you like to race sailboats, you can rest easy on the 7 seas knowing that if you crash your boat on rocks, you will be insured. If you decide to take Freddie along on your vacation or during the sailboat racing, you can add him as extra umbrella coverage as well. I'm sure he'll appreciate all that you've done for him, and he'll want to buy umbrella coverage too.
by: Casey Trillbar
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