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8 Signs you need Umbrella insurance

As found on Chris Hogan's article on Dave Ramsey's website HERE

8 Signs You Need Umbrella Insurance

If more than two of the following eight scenarios apply to you, you definitely need more than $1 million in umbrella insurance. And to be certain, take our 5-minute coverage checkup to make sure you have what you need.

1. You have vacant land.

Do you have a pasture or beachfront that’s easy to access? If someone gets hurt on your land, they can sue you, even if you didn’t invite them.

2. You have recreational vehicles, such as ATVs, dirt bikes, Jet Skis or boats.

Adults can be responsible drivers of these vehicles (maybe), but what happens when your teenage son’s buddy takes the dirt bike out when you’re not looking? These vehicles are fun to play with, but lethal if someone gets hurt.

3. You regularly invite people over to your home.

Part of the joy of a paid-for home is playing the host and having parties. But if you host a party or an event and your guest list is extremely long, you’re definitely putting yourself at risk for an accident—and a lawsuit.

4. You have "attractive nuisances."

If you have something on your property that could attract a curious child, you have what insurance companies call an attractive nuisance. Trampolines, pools, playgrounds, treehouses and blow-up castles can all cause injury. If you have one or more of these attractions, make sure you have enough umbrella insurance to back you up.

5. You drive a luxury car.

When you drive a $100,000 sports car, you paint a huge target on your bank account. Don’t assume people won’t try to sue you for more money if you cause an accident.

6. A close family member shares strong opinions online.

Maybe you don’t like social media, but your son does. If he says something close to slander, libel or defamation, you could easily face a lawsuit, especially if the public knows your son comes from a wealthy family.

7. You rent out your property.

If a tenant gets injured on your property, they could sue you for an amount that exceeds the liability on your landlord’s insurance.

8. You have a public profile of success and wealth.

If people know you have money, they will not hesitate to sue you. If you have a net worth that’s above $5 million, you better have a lot of umbrella insurance.

Get the Coverage You Need

Here’s the deal: If you have wealth, you are at risk of being sued. It doesn’t matter how nice and friendly you are. And it definitely doesn’t matter how much time and energy you’ve put into getting out of debt, building savings, and growing your investments. All it takes is one nasty lawsuit to take it all away.

If your net worth is above $500,000 and you don’t have umbrella insurance, what are you waiting for? Find your local recommended independent insurance agent who will shop around for you to get the right insurance at the right price. They’ll evaluate your assets and determine how much umbrella insurance you really need.

Don’t put this off! Protect your assets today and experience the peace of mind that comes from knowing your wealth is off-limits to other people.

Call us at 714.992.2390 to discuss your umbrella insurance coverage needs, and options.