Just A Little Backing Accident. Could This Happen To You?
A Washington driver reported backing a Ford pickup into a fire hydrant in a typical commercial warehouse area with a large parking lot. The resulting damage and expenses included:
- Fire hydrant replacement including cost of installation.
- Damage to the parking lot caused by the sinkhole created by water escaping from damaged fire hydrant. Did you know that a six-inch water main connected to a fire hydrant can discharge up to 1500 gallons of water per minute?
- Bill for hundreds of thousands of gallons of water.
- Creation of a large lake in the remaining parking lot, causing additional damage to structures and requiring special handling and pumping.
- Cost of business interruption due to lack of access.
- Extra security to block off the damaged area.
How Does Umbrella Insurance Protect You?
Umbrella Insurance is a separate insurance policy that provides liability coverage above and beyond the limits that you already have on your auto, home, and boat / RV insurance.
Whether you are considered at-fault in an accident, or whether somebody gets hurt on your property - if you are held liable for an amount that exceeds the limits of the underlying policy, you are responsible for the difference.
That puts your home, savings, retirement plan, and even future earnings at risk.
A personal umbrella policy stacks on top of your underlying insurance policies and is activated when the underlying policy reaches its liability limits. It is available in increments of $1 million, up to $10 million or more.
A personal umbrella policy offers the best value for your insurance budget: With only about $15 per month, you can buy $1 million additional liability protection.
Why Do We Recommend Umbrella Insurance?
If you are sued in a lawsuit, you are at risk of being held liable for a substantial amount of money.
How much is 'substantial'? Here is a start: One day in intensive care costs well over $18,000 (surgeries not included.) Add lost wages, payments for pain & suffering, lawyer fees, and other expense, and you quickly arrive at a 6-digit figure.
Your auto policy will pay - but only up to your liability limits. If you owe more, it has to come out of your own pocket, putting your savings, home, and even future earnings at risk.
Read this article from the New York Times to learn how an Umbrella policy can protect you.
Who Needs Umbrella Insurance?
We urge everybody to carry Umbrella Insurance as part of their protection plan.
Why? Because we are all human. And humans make mistakes. And in today's lawsuit-crazy world, a mistake can cost you your savings... Your home... Your future.
It's our job to help you protect all that. That's why we recommend Umbrella Insurance.
You think you don't need it?
If you fit one of the high-risk profiles below, please re-consider:
- Single Professional
- Dual-Income Couple
- Young Family
- Parents of Teen Drivers
- Dog Owners
- Boat Owners