One of the most common myths of personal umbrella insurance is that it is only for the wealthy. This couldn’t be further from the truth. Of course, an individual with more wealth could have more risk which requires more comprehensive insurance, however, that doesn’t mean that someone with less wealth doesn’t have risk as well. Umbrella insurance policies help to protect you from liability issues that go beyond the liability limits of standard insurance policies. This type of insurance can help to provide coverage for false arrest, libel, slander, invasion of privacy, and much more. Would you be able to pay out of pocket in the event of one of these risks? An umbrella insurance policy offers such a wide range of coverage when you consider all of the liability exposures everyone encounters today and it can offer you coverage for relatively cheap premiums. So who exactly needs umbrella insurance? The following are 3 unlikely people who should consider an umbrella policy.
Multigenerational households. Children coming to live with their parents after adulthood is becoming more and more common these days. In addition to this, elderly parents moving in with their children is also very common. In both scenarios, you have someone entering a household and that brings with it some added risk to the original insured. It is wise to have an umbrella policy to cover this added risk and to combat any potential situations that may arise.
Millennials. Millennials are at the point where they are beginning to settle down. They are buying houses, having kids, and in general aging. With all of these newly acquired assets and added risks in their lives, it makes sense to add some coverage. An umbrella insurance policy is perfect to protect their newly built lives from financial ruin and to ensure they maintain their lifestyle long into the future.
Parents with teenagers. In this day and age, most teenagers are all over the internet and they interact with people over the internet every day. One issue most parents do not consider is the liability this could expose their family too. In the event that your teenager partakes in cyberbullying or says something that offends another individual, you could be looking at major liability. An umbrella insurance policy would be a great coverage to have to help protect you from this issue.
Umbrella insurance policies put you under its umbrella so that when you exceed the liability coverage limits on an insurance line, you will still be protected. Give Gannon Associates Insurance a call at 844-GANNON to discuss any concerns and get coverage today.