Umbrella Insurance in Connecticut
Your assets are worth protecting, and it’s easier than you think. Speak with a New England Insurance licensed professional to get the advice you need to make an informed decision about protecting your assets,
While many homeowners and renters believe that Umbrella Insurance is for the rich and famous, Umbrella Insurance should be considered by anyone whose assets total more than the liability limit on their homeowner’s or renter’s policy.
This policy is designed to offer additional liability coverage over your underlying policies such as homeowner’s, auto insurance, boat insurance, RV insurance, and motorcycle coverage. Since most insurers place a limit of liability on their personal insurance products of $500,000, the total of any assets that you own above this limit is at risk if you are sued for liability.
What about Your Assets?
Today, Americans are living in a very litigious environment. There are many folks out there just looking for a windfall that can result from a lawsuit. Every person that owns significant assets is at risk of losing everything as the result of an unintended accident. “Everything” includes assets such as homes, vacation homes, watercraft, unprotected investments and cash on hand.
A Typical Example
Richard is a history professor at a local college who has recently attained tenure and has invested wisely in stocks, bonds, and real estate. On his way home from the office in a driving rainstorm, Richard pulls up to an intersection to make a right-hand turn. Richard looks both ways and then proceeds into the intersection. At the same time, David, a high-school athlete, is running home from football practice at his nearby school. As Richard pulls into the intersection, David runs out in front of his car, and being unable to stop on the wet road, hits David and causes severe injuries.
David’s severe injuries result in multiple surgeries and require him to stay in the hospital for three weeks. After being released, David must go through therapy for an additional six months and will never play sports again. David’s family attorney files suit against Richard and is awarded $2million to cover medical expenses, rehabilitation, and the loss of a future playing football.
Fortunately for Richard, his insurance professional convinced him to purchase a $ 2 million Personal Umbrella Policy that will cover the damages awarded to David, and Richard is not forced to liquidate all of his assets.
Transfer Your Risk
In this case, had the insured not purchased Personal Umbrella Insurance, everything his family had worked for would have been lost as the result of an unintended accident.
Why put yourself at risk when you can transfer that risk to an insurance company at a very affordable price? Call an insurance professional at New England Insurance and find out the best way to protect the assets that you and your family have worked so very hard for.