If you’re hosting an end-of-summer barbecue or are having some friends over to watch the game, you may have a liability exposure that you aren’t aware of. If you think your homeowners insurance is enough coverage we would recommend contacting your insurance agent to be sure. We’re here to make sure you and your family are covered.
For example: let’s say you serve alcohol at your party. Your guests have a grand time but one partygoer gets a little carried away and leaves the celebration intoxicated. Your guest could crash into another car or someone’s home. You could be at risk of being named in a lawsuit for allowing the inebriated guest to leave your property, resulting in damage or possibly worse. A legal situation of this caliber can easily reach or surpass the 7 figure mark. Your home insurance liability coverage may cover half or even less than this amount.
Umbrella insurance is an inexpensive way to gain extra liability coverage designed to help protect you from major claims and lawsuits. It provides you with additional limits on top of your homeowners, auto, and boat insurance policies. The benefit of this insurance is that it helps you protect your current and future assets.
Ask yourself this: What is the average hourly rate for a lawyer these days?