On a potentially rainy day, it’s always a good idea to bring an umbrella with you just in case. The same could be said for getting an umbrella policy to supplement your current home/renters and auto policies. While your policies do provide liability coverages to help protect you, they have limits and may not provide enough in the event of a catastrophic event. Let’s take a look at Carol and Barbara. Both women headed up to a mountain resort on Saturday to get their ski on! Barbara was slooshing down the hill when she was creamed by Carol, who was skiing too fast and was out of control. Barbara took a hard fall breaking her arm, ribs and sustaining a head injury, despite wearing a helmet. Barbara required surgery to repair her arm with several pins and the head injury made it impossible for her to work for three months. Witnesses at the scene clearly stated that Carol was in the wrong and Barbara sued her for all of her medical costs and lost wages Now Carol didn’t own her own home yet, but did have a renters policy with a $500,000 liability limit. Smart thinking Carol. But Barbara’s bills and lost wages were $613,437. Ouch. Carol did not have $113,437 in her rainy day fund, BUT she did have a $1 million umbrella policy that kicked in when her renter’s policy limits were maxed out and covered the remaining costs. So what would have happened if Carol didn’t have the umbrella policy? She would owe Barbara $113,437 and could lose her current assets as well as future earnings! Trusted Choice says that 13% of all personal liability claim awards and settlements are $1 million or more. And for an average cost of $400/year* you could have an umbrella policy that would provide $1 – $2 million of additional coverage, thereby safeguarding your assets and future. Through this experience, Carol has learned to seriously slow down on the slopes and that protecting herself against the unknown is a great idea. So if you think you may want to learn a little more about protecting your assets and future with an umbrella policy, give us a call or an email, we will be very happy to discuss the coverages and give you a quote.