Umbrella insurance is additional liability insurance that provides coverage beyond the limits of your existing insurance policies, like homeowners, boat, or auto insurance. Umbrella insurance is particularly helpful for those who have a net worth over $500,000 or who engage in activities that increase their liability. These signs are a good indication you should connect with us at Integrity Advisors Agency LLC serving San Antonio, TX to discuss umbrella insurance.
Signs You Need Umbrella Insurance
- Your net worth is over $500,000. If your net worth is over $500,000, you’re at a higher risk of losing everything you’ve worked for in a lawsuit. Your standard insurance policy typically has limitations and won’t protect all of your assets.
- You have ‘attractive nuisances.’ Having a pool, trampoline, go-cart, or other ‘attractive nuisance’ that encourages children to engage in accident-prone activities on your property (or with your property) increases your need for umbrella insurance.
- You host often. The more you host, the higher the risk that an accident or injury will occur on your property, like food poisoning, slips/trips/falls, or a car accident.
- Your success or wealth is publicized. Having a public profile that gives the perception of wealth or success can make you a target for lawsuits.
- You serve on a non-profit board. Board members can be held responsible for failing to exercise reasonable care, breaching fiduciary duty, failing to provide adequate supervision, and more.
- You own a luxury car. Higher value, higher risk of theft and vandalism, and the perception of ‘deep pockets’ all come with luxury car ownership, increasing your risk of claims that exceed your standard policy.
Engaging in sports that can result in injury to others (like hunting), coaching youth sports, and renting property to others also indicate a need for umbrella coverage.
Think you may need umbrella coverage?
Reach out to us at Integrity Advisors Agency LLC serving San Antonio, TX today!
