The Larry Burkman Agency, serving Huntsville, AL, and surrounding communities, advises every small business owner, every customer with a net worth of over $1 million dollars, and every customer who thinks they may come into money to consider an umbrella policy for all their personal liability protection needs.
An umbrella policy is supplemental insurance that pays out claims when other policies do not.
Why do higher-net-worth Alabama homeowners need umbrella coverage in addition to their homeowner’s policies, even with riders for high liability limits?
Here are some examples:
- A Mobile, AL woman was awarded $1.7 million for injuries she sustained when she slipped and fell on laundry detergent. This judgment included $420,000 for her medical bills.
- A Lauderdale, AL delivery driver was awarded $925,000 for injuries sustained from slipping on the floor during a delivery.
- An Alabama personal injury firm advertises that it has secured personal injury judgments of $500,000 to $3.2 million for over 30 clients—each of whom collected that money from someone like you. Or maybe they didn’t collect because the judgment drove the defendant to bankruptcy.
If your family lives in a fine home you own outright, you need umbrella insurance. If you rent a nice house and have substantial savings and investments, you need umbrella insurance. If you own a dog, keep exotic animals, your teen has a problematic driving record, or you enjoy shooting sports, you may need umbrella insurance.
Umbrella policies protect you against the worst-case scenario, in which your auto and homeowner policies are exhausted.
Don’t let a court judgment for a mishap on your property wipe out decades of accumulated wealth. Ask your agent at the Larry Burkman Agency, serving Huntsville, AL, and the surrounding area, about the proper umbrella coverage for you.
