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Umbrella insurance: Keeping you made in the shade

All the kids in my best friend’s neighborhood gravitate to her house because she’s got a cool tree fort, a trampoline and a swimming pool.

It’s fun central.

Recently, though, something happened that could have changed all that. One of the neighbor girls was doing flips on the trampoline, lost her balance and broke her arm. Of course, it could have been much worse. What if the girl had suffered more serious injuries? And what if my friend and her husband had been sued?

As we were talking about the accident later that day, my neighbor mentioned that her family had an umbrella policy to help cover any liability costs they might be legally responsible for stemming from accidents such as the one that occurred on the trampoline. Umbrella insurance? I’ve heard of it, but I never seriously thought about starting a policy.

So, I did some research and found that umbrella insurance is extra liability insurance that kicks in when costs exceed the liability coverage limits of your auto or home insurance policies. Having an umbrella policy can help protect your house, your assets and your life savings if, for example:

  • You or your dependent is at fault for a major accident involving your car, boat, motorcycle or RV.
  • You’re involved in an accident overseas.
  • A visitor to your house is injured on your property.
  • Your dog attacks someone.
  • You’re accused of slander, libel or defamation of character.

Talking with my friends, I found that more of them had umbrella policies than I would have guessed. When I asked about it, I heard phrases like “just in case,” “safety net,” and “feel prepared” … and decided to get serious about starting a policy for my family.

If you’re like me, you’ve worked hard for the lifestyle you’ve created for yourself and your family. So if you’re concerned about protecting your family’s assets or just want added peace of mind, do a little research or talk with someone at Progressive—an umbrella policy might be right for you.