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Home » There’s No “One Size Fits All” Insurance Policy, But This Comes Pretty Close…

By: Chad Dumbleton

                We have all been in a position where we search for that item of comfort; a ‘blankie’ to fall asleep with as a child, a homemade fort to protect you from thunderstorms, the sensation of a tight hug from a loved one when we are going through a stressful situation. All of these give us the same sensation – a feeling of peace. Life is a funny thing. Events that occur are unpredictable, and how we undergo them is a task that only we can handle. The outcome is often unknown, but the hope is always for the best and preparation should be for the worst – at least that is what they teach us, right?

                What if we were able to live life by our own design… know that we were protected from things that were out of our control? Better yet – what if I told you that this was something that is presently available? The management of the outcome in a bad situation – and protecting all the things you love the most from harm’s way.

                Picture this: a terrible, unforeseen accident that occurs totally out of your control – a 235 year-old tree on your property falls due to an unpredictable act of mother nature; it crushes the front-end of your paper-delivery-boys car, and injures him to the point where he needs therapy and cannot walk for 6 months. Due to this unforeseen act of events, his insurance coverage runs out, and he is now jobless, and paying for his physical therapy out of pocket – he opts to seek repayment for all that he has endured, and this falls back on you.

                Without a policy that goes above and beyond your typical limits, he can seek funding from your personal savings, your family’s savings, and all personal assets that you own. Involvement of lawyers in claims like these are commonplace these days, and without adequate protection, they can take you for everything that is in your possession. Enter in the umbrella policy: a policy that picks up additional liability costs beyond the limits of the homeowner’s policy.

                Legal fees, savings protection, covering personal assets – they all come in to play with an umbrella policy. Whether the incident occurs due to a vehicle accident, a homeowner’s claim, or time volunteering for an organization – this can come in handy when you may be backed against a wall. Individuals are often not at fault for accidents which occur, so they shouldn’t be held liable. And for an average cost of $200/year – how can you afford to deny this option as added protection?