Hello. I’m David Doyle at Wilber-Price Insurance Group. Today, we’d like to talk about something that maybe you’ve heard of, and maybe you haven’t and that’s called a liability umbrella. Now, what does that mean? Your automobile insurance policy has liability in it. In other words, if you get involved in an accident and you damage somebody else’s property, their car or they’re hurt, they have to go to the hospital, your liability is what steps in to take care of those expenses. Your homeowner’s policy also has liability. Somebody could fall down and get hurt. Myriad of different things can happen in a home that would cause somebody to need to seek medical attention from being in the home or on the property. So your liability from your homeowners policy would step in to take care of those expenses.
But let’s say it’s really a bad situation. Somebody is really hurt. Maybe that’s more likely on the auto policy than the home, but it can happen either way. So an umbrella sits on top of both the auto and the home policy so that in that event, there’s plenty of money to take care of that liability exposure. So, for example, for a relatively small amount of premium, you could have a $1 million checkbook that would be open to you for the company to take care of those costs and those expenses, because somebody really got hurt and that can go to 2 million, it could even go 3 million. It really depends on your assets because a judge could come in and say, “Hey, we’re going to seize your 401k. We’re going to seize your pension. We’re going to seize your savings accounts or the equity in your home because this person is really hurt.” And that’s where that liability umbrella steps in and takes care of all of that.
It really is an important piece of your protection that you need to look at. So we ask you to call our office and just have that conversation. Let us go through the situation and just see if an umbrella looks good for you. That’s what we do at Wilber-Price. We thank you for your time and we thank you for your business. Give us a call. We want to help you in any way that we can. Have a good day.
Call Wilber-Price Insurance Group in Loveland at (513) 239-8610