By Tressa Walton

No, I’m not talking about if it’s going to rain today. I’m talking about a personal umbrella policy that covers you above and beyond your regular home and auto policy to protect you in this sue happy world we live in! To be in a lawsuit could be financially devastating. Do you have your assets protected?

An umbrella policy is needed when your underlying liability limits have been reached in your home or auto insurance policy. If you are involved in a lawsuit, the umbrella picks up where the home or auto policy leave off and includes everything from legal fees to the settlement amounts of the lawsuit. It can also cover rental property incidents, malicious prosecutions or false arrests, defamation of character and damage for pain and suffering.

But do I need an umbrella?

You can’t afford to lose what you have worked so hard to obtain. If you were to be involved in an auto accident and injure one or more persons that were riding with you or in a car you hit- you are at risk. If you have a prominent job or name in the community and lawyers or whomever you hit think you have any assets, you could be at risk. The more assets you have including properties, stocks, bonds, retirement funds, etc the more you should consider an umbrella policy and the higher limit you need.

If you’re unsure if you need an umbrella or not today or in the future, we’d love to go over it with you. Stop into Wilson-Hite Insurance and let’s review your coverages.