Do I Need Umbrella Insurance?

by | Dec 9, 2021 | Umbrella Insurance

Why you would probably need umbrella insurance

If you are asking yourself if you need umbrella insurance, you are in the right place. Thomson Smith & Leach is your go-to Lafayette insurance company that offers personal, umbrella insurance policies for that additional coverage you will soon see that you may need.

What if?

What would happen if someone was injured on your property, or as a result of a car accident for which you were held responsible? Standard homeowner’s and auto insurance policies provide only minimal liability coverage. If you were sued and found liable for a settlement or judgment in excess of what your insurance covers, how would you pay?

The cumulative value of your home, vehicles, savings, and investments likely make you vulnerable to liability beyond the limits of your current coverage. When unforeseen events occur, excess liability coverage — also known as personal umbrella insurance— can save the day.

What does umbrella insurance usually cover?

Umbrella insurance works by extending your automobile and/or homeowner’s insurance policies liability coverage. A personal umbrella policy provides additional coverage after the liability limits on your homeowner’s or auto insurance policies are exhausted.

It typically covers bodily injury, property damage, or personal injury, including defamation and invasion of privacy. Consider the added protection you can get for a modest premium: Coverage limits that range from $1 million to $10 million. You can also include optional coverage for liability arising from service on a board for a civic, charitable, or religious organization.

Is it worth having an umbrella policy?

If your net worth is higher than your automobile and/or homeowners insurance policies’ liability coverage limits then personal umbrella insurance coverage, also known as PUP is the right choice for you.

Back to the what-if scenarios. What if a playdate turns into an accident on your swing set that caused serious injuries? What if an accident occurs around your pool with a guest who in turn needs surgery? What if your backyard bonfire with friends and family turns into a fire that damages other homes in your neighborhood?

What if you accidentally wreck your boat into another boat? What if your teenage driver hits a pedestrian? What if your broken steps cause a guest to have an accident on your property? What if your beloved family pup bites someone and you are sued for the damages? What if you decide to leave a negative review online that turns into an alleged defamation lawsuit?

The answer to all of these what-if scenarios and more that life may bring is a personal umbrella policy with TSL where a wide range of losses and damages are covered.

Allow Thomson Smith & Leach to provide peace of mind for all of those what-if thoughts for you and your spouse, a member of the household listed on your policy’s declaration page, and/or any relative or dependent residing with you with their personal umbrella insurance and/or business-related policy coverage needs.

Lafayette’s Insurance Company

Now that you have read through some of the numerous reasons why umbrella insurance is the right choice for you personally and possibly professionally, do not stress over the process to implement a policy into your current insurance coverage.

With over 50+ years of family-owned business under our belt, Thomson Smith & Leach’s independent agents offer a complimentary consultation via telephone or in-person at our Lafayette, Abbeville, or Franklin location. We are here to help you discuss adding umbrella insurance coverage to your current policies by a quick phone call, or by stopping by our office.

It really is that easy to have full coverage for almost all of the what if’s life may bring with the help of Thomson Smith & Leach’s terrific team!