If you ask just about any kid if they are ready for summer, you will most likely get the exact number of weeks and or days until they are done with this school year. That means the sun is about to be up longer, the heat is going to start turning up and the summer fun is right around the corner. I don’t know about you, but when I think of summer I think of pools and waterslides. I grew up during the time when my parents could drop me and my friends off at Wet-n-Wild for the day with a few dollars and some change to call them when we were ready to be picked up. Those were the days…..
Nowadays this would be completely unheard of! Instead, more and more families are opting for backyard pools with their own water slides and diving boards. If you are the family with the best pool and coolest water features, then you are also probably the family with the most visitors. From an insurance perspective this means your liability is much higher during this time of year. Now the question should be how you can best protect yourself and your assets. The answer is simple, purchase an umbrella policy.
A personal umbrella policy provides two types of coverage: liability and defense costs. Liability would be in several types of situations from bodily injury and property damage to personal injury. These policies provide excess liability for your current home, auto, boat, and renters insurance policies. Defense costs would be in a lawsuit situation where you would be expected to pay lawyer and processing fees to defend yourself in court.
These are just a few examples of how an umbrella policy could benefit your financial assets from unexpected liability expenses. I am sure the question on your mind now is, how much would this policy cost me? The truth is a $1million umbrella policy for two adult drivers who have a homeowner’s policy is usually less than $150 a year. This is a fairly inexpensive way to help protect you and yours.
Here are some examples of the most common uses for an umbrella policy:
All of those visitors partaking in your amazing pool could get hurt and you could be considered liable for their medical expenses. An umbrella policy would cover any limit beyond your homeowner’s insurance policy.
The risk of a 16-19-year-old being involved in an accident is almost three times higher than any other age group. This creates a higher risk which means higher liability for them and you as the policy holder for your auto insurance.
Insurance companies pay out close to $500 million a year on dog bite claims. If the claim costs more than the coverage on your homeowner’s policy the umbrella policy would extend liability coverage beyond that limit.
Intoxicated Party Attendee
A party guest drinks too much at your party. On his drive home he causes an accident. There could be chance that you would be considered partially liable for his expenses. An umbrella policy could help protect your assets if your homeowner’s policy wouldn’t.
Road Trip Safety
Besides pools and waterslides one of my favorite summer past times were our road trips all over the country. I don’t know about you but some of my fondest memories are visiting places like Destin, FL, Disney World, and Yellowstone National Park. If you are planning on taking one of these or several amazing road trips this summer here are some quick tips:
- Renting a car, verify if your current auto policy will extend coverage to this vehicle.
- Do not post on social media that you are gone or will be gone for an extended period of time.
- Consider buying a doorbell camera.
- Be sure your spare tire is inflated!
- Trust me the last place you want to be is stuck is on the hundred mile stretch without any service stations on I-70 in Utah between Salina and Green River.
- Know your route, not all GPS or cell phones work 100% of the time.
The last holiday of most kid’s school year is Memorial Day and I know we are always looking for something to do during that long weekend. If you are looking for something to do that is also impactful check out the Carry the Load’s Memorial Day Campaign. You can join thousands of Texans raising money to provide direct support for healing of the mind, body and soul of our nation's military Veterans, First Responders and their families. Last year participants raised more than $2 million! Help us honor our heroes with even more support this year!
As always no matter the month or the season HI Agency is always here to help answer questions and of course quote all of your insurance needs!