Do you have enough liability insurance? If there were a vehicle accident for which you were at fault, and a child were permanently disabled, would your auto liability policy have enough coverage to pay for the skilled care the child would need for years to come? If a young parent were killed in a freak fall on your property, would your insurance cover the support he would have provided his children as they grow up? We’d all like to believe that such catastrophic losses would happen only to other people. But there is nothing we can do to totally eliminate the risk of this type of event in our own lives.

Consider what would happen if there were a settlement (or judgment, if it goes to court) of $800,000 as a result of an auto accident for which you were liable. Let’s say you have insurance with a limit of $300,000 per accident. What would happen? The auto insurer would pay its $300,000. Then virtually everything you own would be fair game for seizure to pay off the additional $500,000, except for assets that may be protected in some states, such as your home. Furthermore, your earnings could be garnished for years to come. With stakes this high, and considering the relatively modest cost of additional liability coverage, it just makes sense for many people to purchase the added protection of an umbrella policy.

Please use us as a resource to learn if this kind of protection is right for you. 

-Jay

P.S. You can learn more on the subject by visiting our Personal Protection Newsletter, looking at the December 2004 archived copy, and reading the article, Why You Need an Umbrella Policy?

Brady-Rogers, Inc.
 1935 Elmwood Ave. 
Warwick, RI, 02888
Phone: (401) 461-4941
Fax:      (401) 461-4943

E-Mail: jay@bradyrogers.com