Umbrella or No Umbrella
When people think about accident-related deaths, the first things that comes to mind are usually the more bizarre items like shark attacks, or getting struck by lightning or plane crashes . . . when in reality, according to the National Safety Council, the 2 leading causes of unintentional death are:
Consider these facts about car accidents: A motor vehicle accident occurs every 8 seconds. Think about how this information should impact your decision when you are choosing what liability limits to have on your auto policy. While the normal culprits come into play . . . alcohol, distracted drivers and younger drivers, one study shows that over half of all crossing path crashes involve left hand turns. Only 5.7% involve right hand turns. The study also looked at pedestrian crossings and found that 145,000 people were struck by cars. So it appears that it’s the mundane accidents you need to be concerned about when considering how much liability limit want on your auto insurance.
With regards to falling, starting around age 65, falling is the leading cause of death. Not many people know this fact. So what if someone falls on your property? Is that $300,000 or $500,000 liability limit sufficient if someone dies due to a fall attributed to that raised sidewalk or those steps without a railing that you never got around to fixing?
So what’s the message? You should really consider an umbrella policy, which is a form of liability insurance that will supplement your basic home and auto liability policies. The main purpose of an umbrella policy is to protect your assets from an unforeseen event, such as a tragic accident in which you are held responsible for damages or bodily injuries. If another party files a lawsuit against you, your umbrella coverage will pay for the liability damages you’re legally responsible for up to the policy limit.
That extra layer of coverage can cost as little as 41 cents a day, or $150 a year to buy an extra safety-net of $1,000,000 liability. That’s a great deal – especially when you consider it very well could save you and your family from financial ruin.
