December 20
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<strong>December</strong> <strong>20</strong><strong>20</strong><br />
THE VALLEY BUSINESS JOURNAL<br />
www.TheValleyBusinessJournal.com<br />
15<br />
Personal Umbrella Liability Insurance<br />
Life is unpredictable, and as much<br />
as you plan, there’s always something<br />
around the bend that never crossed<br />
your worried mind.<br />
If the unexpected occurs, do you<br />
have enough liability limits to protect<br />
your and your family’s assets the way<br />
you want?<br />
If you were found liable for an<br />
accident, would your current liability<br />
limits cover the judgment against you,<br />
or could your assets be at risk?<br />
With a Personal Umbrella policy,<br />
you’ll have additional liability limits<br />
over and above those provided by<br />
your underlying policies. Your assets,<br />
as well as your future earnings, are<br />
covered.<br />
Umbrella Insurance Explained<br />
To get a better sense of what<br />
Umbrella insurance is and how it<br />
would work, it helps to think about<br />
it in action.<br />
Say you’re held liable for causing<br />
a car accident with multiple vehicles,<br />
and the cost to cover the damages and<br />
injuries is $650,000. However, the<br />
liability limits on your Auto policy<br />
are only $500,000.<br />
In this case, your insurance would<br />
pay only $500,000 for the entire accident,<br />
and you would be responsible<br />
for the remaining $150,000 out of<br />
your own pocket!<br />
With a Personal Umbrella policy,<br />
however, you could extend your<br />
liability limits beyond the maximum<br />
provided by your underlying policies.<br />
In this case, an Umbrella policy would<br />
provide liability limits above the<br />
$500,000 limit of your Auto policy,<br />
up to the limit you choose for your<br />
Umbrella policy (typically anywhere<br />
“<br />
INSURANCE<br />
by by<br />
Craig Steve Davis Fillingim<br />
If the unexpected occurs, do<br />
you have enough liability limits to<br />
protect your and your family’s<br />
assets the way you want?<br />
If you were found liable for an<br />
accident, would your current<br />
liability limits cover the judgment<br />
against you, or could your assets<br />
be at risk?<br />
from $1 million up to $5 million<br />
in coverage). In other words, you<br />
wouldn’t be left paying the remaining<br />
$150,000.<br />
Other Benefits<br />
Besides providing increased<br />
liability limits, a Personal Umbrella<br />
policy can fill gaps in your coverage<br />
with added benefits, such as:<br />
• Coverage for claims that may not be<br />
covered by your underlying Homeowners,<br />
Auto, or Watercraft liability<br />
policies, such as libel, slander, or<br />
defamation of character.<br />
• Coverage anywhere in the world.<br />
• Coverage for defense costs and attorney<br />
fees associated with claims<br />
against you that are covered by your<br />
Personal Umbrella policy, but not<br />
by your primary policies.<br />
Talk to your local insurance<br />
professional about adding a Personal<br />
Umbrella policy to your insurance<br />
portfolio.<br />
Craig Davis is an agent for Farmers<br />
Insurance and the owner of Craig Davis<br />
Family Insurance located at 27645<br />
Jefferson, Suite 113, in Temecula. He<br />
may be reached at (951) 699-1776.<br />
cdavis@farmersagent.com<br />
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The Valley Business Journal<br />
publishertvbj@verizon.net
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