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House with umbrellaWhat if someone asked you whether or not you had an umbrella policy?   Would you consider it a silly question about your umbrella carrying habits?  As in, whether or not you take an umbrella out the door based on the forecast or the way the sky looked?  Well, that’s probably not what they intended by the question – at least, it’s not what I think about.  It’s not what I want you to think about today either.  I want you to think about the following scenarios:

A) Your son or daughter hosts a party in your home.  Unbeknownst to you, someone brought alcohol.  One of the kids who had been drinking leaves the party, gets behind the wheel, and causes a severe accident.

B) It’s your day to drive the neighborhood carpool.  You’re involved in a major accident while driving your child and your neighborhood’s children to daycare.

In either of those situations, the jury could award the damaged parties millions of dollars for which you would be responsible!  You could face financial ruin, unless you have a good umbrella policy, that is.

So, what exactly is an umbrella policy?  An umbrella policy (or umbrella insurance) refers to a liability policy that protects the assets and future income of the policy holder(s) above and beyond the standard limits of their primary auto, home and other personal insurance policies.  Umbrella policies are fairly inexpensive – typically having annual premiums around $250/year for $1M in coverage – especially when you look at everything an umbrella policy covers.

  • Protection for coverage claims by others for personal injury or property damage caused by you, members of your family household, or hazards on your property for which you’re legally liable.
  • Personal liability coverage for occurrences on or off your property.
  • An additional layer of protection above your primary auto policy against auto-related liabilities
  • Protection against non-business related personal injury liabilities such as slander, liable, wrongful eviction, or false arrest.
  • Legal for recovered loss, including lawyer fees and associated court costs

Considering all the protection an umbrella policy provides, it would seem an obvious purchase for someone making financial protection decisions, correct?  You’d be surprised.  Studies show that less than 3% of Americans purchase umbrella policies!  Financial experts believe these policies should be standard practice to help preserve your economic security – especially in this litigious age of multi-million dollar lawsuits.  Maybe it’s time to give some serious consideration on whether or not you have an umbrella policy.  

Call us at 972.234.5588 for Dallas umbrella insurance quote.

Jim Porter
Contact Jim Porter
(972) 234-5588


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