In today’s economy, everyone is tight for pennies. So why worry about umbrella coverage? Shouldn’t home and auto insurance leave you adequately covered?
Unfortunately, we live in a world of lawsuits. Significant damages can be awarded, be extremely expensive and have a long-term financial impact. Plus, these moods can come from unlikely sources, like our furry friends.
Take Herschel, for example. Herschel is a much-loved, shy labradoodle who enjoys naps in the driveway while his owner mows the lawn.
Herschel watched from 8 feet away as his neighbor, a 39-year-old man, showed off his roller skating skills to his children. Unfortunately, the man passed out on the sidewalk in front of Herschel̵
7;s house and broke his leg. He required surgery, costing about $35,000 in medical expenses and $18,000 in lost wages.Fair or not, the man filed a lawsuit against Herschel’s owner, seeking $220,000 in damages. He claimed that Herschel had caused the accident by getting in his way, despite several witnesses to the contrary.
But Herschel’s owner was lucky – a jury found Herschel right. However, such lawsuits can easily exceed the limits of a homeowner’s policy, leaving the insured responsible for the remainder. An umbrella policy would prevent that and give you an additional coverage of $1 to $5 million.
Our furry friends can also put your assets at risk in other ways. According to the Centers for Disease Control and Prevention, 4.7 million people are bitten by dogs each year, half of which occur on the owner’s property. According to the Insurance Information Institute, dog bites account for about one-third of all homeowner’s insurance claims, which only cover limited damages.
Protect what you love. Call us to talk about your umbrella options.
