INDUSTRY INSIGHT
INSURANCE
SPONSORED CONTENT
YOU MIGHT NEED
UMBRELLA INSURANCE
AND NOT EVEN KNOW IT
(…until it’s too late!)
W
hen was the last time you actually thought about your home
and auto policies’ limits of liability?
Imagine this:
You’re driving home from work, and you drop something between
the seats. You look down for barely a second—just barely a glance—
and in this quick blink you don’t realize
the car in front of you has to stop
suddenly to keep from hitting a deer.
Your car slams into that car. Metal
crunches. Your airbags deploy. The dust
settles, and you get out. Luckily, no one is seriously injured. But the
woman you hit—a highly paid surgeon—hurt her hand in the accident.
Because she won’t be able to work for the next six months, she’s suing
you for her lost income of $1,000,000. But your auto policy’s liability
limits max out at only $300,000.
So, what happens then?
Without umbrella liability insurance, your assets—your savings, your
car, your pension, even your home—could be at risk. But this is one of
many scenarios where umbrella insurance could help you out BIG TIME.
Umbrella insurance would kick in to cover that additional amount for
which you’re found liable.
Put simply, umbrella insurance is excess liability insurance.
If it’s been years since you’ve considered the exact number listed on
your policy next to Liability Limit, then you could be at risk. Because,
in general, as people get older and make more money, they tend to
collect more and more assets. And once the combined total value of
all those assets becomes more than your current liability limits, those
same assets fall at risk to be taken away with just one lawsuit or
major claim.
Plus, umbrella liability insurance can cover claims that could be
excluded from your other policies: claims like false arrest, libel, slander,
and liability coverage for any rental units you own. In fact, just a single
negative comment posted by your child on social media could trigger
a major claim for which you’ll need umbrella coverage. (Seriously, this
happens more than you might think.)
NOT SURE IF YOUR ASSETS ARE AT RISK? WE’VE GOT YOU
COVERED. Just visit ruppfi ore.com/umbrellacalculator
to use a free and completely anonymous umbrella asset
calculator. You’ll know in no time where you stand.
And, of course, we’re always one call (724.861.0300) or one
click (cschaff er@ruppfi ore.com) away!
This Industry Insight was written by CANDICE FIORE SCHAFFER, a licensed
insurance agent able to sell all types of insurance products including personal,
business, life, and health. Her main focus is on business insurance and the personal
insurance for those business owners. Candice has been with Rupp-Fiore Insurance
since 1990. She earned her bachelor’s degree at the University of Pittsburgh and
a master’s degree in Risk Management/Insurance from Florida State University.
Through the National Alliance of Insurance Education, Candice has also earned the
Certifi ed Insurance Counselor (CIC) and Certifi ed Risk Manager (CRM) designations.
Cranberry | Fall 2017 | icmags.com 19