Premier Umbrella

One single mistake can change everything!

We’ve all heard stories about individuals hit with enormous liability verdicts that eliminate most or even all their wealth.  But these aren’t just cautionary tales for high-profile individuals—everyone needs liability insurance as personal settlements continue to increase.

If someone is injured on your property, or because of an accident you caused, you’ll likely be held liable. And, what if the settlement or judgment costs you more than what your home or auto policy covers? How will you pay?

Standard homeowners and automobile policies provide only minimal liability coverage, which can put the cumulative value of your home, vehicles, savings, AND future earnings at risk.

A Personal Umbrella policy provides extra liability protection by extending the limits of your auto, home or boat policies. Should you be named in a lawsuit, a personal umbrella policy will cover defense costs, attorney fees and other charges associated with a lawsuit that exceeds the limits of your basic policies.

Our recommendations, right out of the gate, would be for you to have limits in the $3,000,000 to $10,000,000 area. 

Customizing the right amount of protection for you

FACT: a judgment or “unfavorable” settlement could extend beyond your current assets and insurance limits and maybe required to pay damages based on your potential future earnings.

Umbrella liability insurance policies are excellent tools to help safeguard your assets from personal injury, bodily injury, or property damage lawsuits. This then raises the question, how much coverage should I carry? And the answer is … it depends … it depends on you and your life style.  Typically a good place to start is by assessing your current net worth and then considering the below risk factors which could complicate matters:

  • Additional homes
  • Multiple drivers
  • Teenage drivers
  • Social media use
  • Home entertaining
  • Dog ownership
  • Home swimming pool or hot tubs
  • Trampolines
  • ATVs
  • High performance vehicles
  • Domestic employees
  • Not-for-profit board membership

Affluent families and individuals are especially vulnerable to litigation, making you more likely to be targeted in a lawsuit.