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Personal Umbrella Coverage: All Cools Kids Are Doing It

“Buy personal umbrella coverage, everybody’s doing it… it will make you feel SO protected…”

personal umbrella coverageToday’s peer pressure has changed from what we were used to as children.  Instead of pushing illegal drugs or unauthorized drinking, grown up cool kids are pushing personal umbrella coverage protection and sound decision making.

What Is Personal Umbrella Coverage?

A personal umbrella coverage policy is so named because it sits on top of your NY auto and home insurance policies, like an actual umbrella, to provide an additional layer of liability protection. (If you don’t own a home, remember that you still need renters insurance to cover both your liability and your personal property and an umbrella will sit over that as well).

Why Do I Need Personal Umbrella Coverage?

Do you own a dog? 

Do you have children? 

Do you drive a car? 

Do you play golf? 

These are all extremely dangerous and high liability scenarios that most people take for granted in everyday life.

Personal umbrella coverage provides you the additional layer of liability protection in event one of these activities leads to a tragedy.

Let’s say your walking your dog and a neighborhood kid tries to pet little Fido.  Fido has never bitten anyone but on this day Fido doesn’t appreciate the child’s advance and bites his face.  You are personally responsible for all that child’s medical expenses.  Didn’t see that coming?  Your personal umbrella coverage did!

How Does Personal Umbrella Coverage Work?

Let’s use the scenario above and say that you do own a home and you’ve placed that homeowners policy with Ryan Murray, vice-president at The Murray Group (This means you most likely have at least $500,000 in personal liability which is what we recommend as a minimum to all homeowners).

You also have $1,000,000 in personal umbrella coverage.  Fido got the kid real good and the kid has to have reconstructive surgery on his face and spend a week in the hospital recovering.

This is not outside the realm of possibilities.  If a dog get’s his/her mouth around a young child’s face there is going to be serious damage.  The medical expenses associated with the damage caused by the dog are $750,000.

In this scenario your homeowners insurance personal liability is going to pick up the first $500,000 in damages.  Then the personal umbrella policy is going to kick in and cover the remaining $250,000 (A little simplified, but essentially what happens).

If you did not have the personal umbrella coverage, where do you think that $250,000 is coming from?


Your Home, Your Retirement, Your 410(k), Your Salary…

“You don’t have to be a millionaire, to be sued like one.”

Figure the average personal umbrella policy to be ~$165 a year.  FOR A MILLION DOLLARS IN COVERAGE…

Being Responsible is Cool… Buy personal umbrella coverage

…and we would love to help create a personal insurance program that included a personal umbrella at the most competitive rate possible.

Call us today at (518) 465-6688 or click here to email us.