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Have you ever wondered what would happen if you caused an auto accident so serious that the injuries or damage exceeded the limits of your auto insurance?   If it’s your fault, it’s your responsibility.  Umbrella insurance provides excess liability coverage above and beyond your auto and home insurance policies, in case those coverages aren’t enough.  Let Kasmann Insurance Agency help you protect your assets against a lawsuit with the best umbrella insurance plan to fit your unique needs.

The More You Have, the More You Have to Lose

Your assets are your car(s), home, bank account(s), retirement and even the income you would potentially earn in the future.  Umbrella coverage begins at $1 million and, depending on the company, can reach limits as high as $10 million, or more.  You’ve worked hard for what you have and you certainly don’t want to lose it all in an instant. To determine the number of millions to purchase to adequately protect yourself, you’ll want to calculate your net worth (assets minus liabilities).  The good news is that umbrella coverage is designed to be affordable! The first million typically only costs between $150-300, and each million of coverage thereafter only costs about $100-$150 more.

Although you must own and insure property to purchase umbrella insurance, it is vehicles that account for a very large percentage of catastrophic injury accidents.   Accidents can happen to the most responsible drivers, regardless of age or driving experience.  If an insured driver causes an accident involving bodily injury, he/she can be sued for damages.  In addition to being sued for medical bills and lost income, you can also be sued for pain and suffering. Roughly 13% of personal injury claims exceed settlements of $1 million.

Example

Let’s say you run a red light and crash into a car full of people.  The bodily injury sustained by the passengers in the other vehicle totals over $683k, and we haven’t even begun to talk pain and suffering yet.  Your auto bodily injury liability limits are $100,000 per person and $300,000 per accident.  After $300,000 is exhausted from your auto policy, your personal assets will be in danger. If you had an umbrella policy, it would kick in after the auto policy limits were reached and cover the remaining amount of your judgment subject to your umbrella policy limit.

Who Needs an Umbrella?

While every auto and property owner is potentially at risk for a large liability lawsuit, there are certain situations that constitute a higher exposure.  If you own any of the following items, or participate in any of the following activities, please consider an umbrella policy for protection sooner rather than later:

  • Rental Property
  • Dogs
  • Swimming pools (not just in ground or with a slide or diving board, any pool is a liability exposure)
  • Trampolines
  • Recreational vehicles, boats, or motorcycles
  • Guns
  • Coach a kids’ sports team
  • Serve on the board of a charitable organization (personal liability is not covered for charities or non-profits)
  • Is a local or regional celebrity or prominent public figure
  • Post or comment on Social media

What’s Typically Covered:

  • Injuries
  • Damage to property
  • Certain lawsuits
  • False arrest
  • Landlord liability
  • Slander – injurious spoken statement
  • Libel – injurious written statement
  • False arrest, detention, or imprisonment
  • Malicious prosecution
  • Shock/mental anguish
  • Other personal liability situations
  • Provides worldwide coverage

What is Not Covered:

  • Business related activities
  • Workers compensation
  • Malpractice lawsuits
  • Intentional acts

 

The Right Umbrella Insurance Policy for You

As your local Columbia, MO independent agents, Kasmann Insurance Agency is contracted with several carriers to help you insure against your liability exposures with Umbrella Insurance.  Give Kasmann a call today and let us help you protect your assets!