Personal umbrella insurance is sometimes viewed as a protection that only the wealthy need. This supplemental coverage isn’t just for people who have lots of assets, though. Many average Vermont residents can benefit from getting a personal umbrella policy. Here’s why.
Do Vermont Residents Need Personal Umbrella Policy Coverage?
Lawsuits Aren’t Limited to the Wealthy
To start with, it’s not only the wealthy who can be sued. In Vermont and the rest of the country, just about any be named in a liability lawsuit. You don’t have to own valuable assets or have a high income. Many residents with average incomes have been sued.
Many Vermont Residents Partake in High-Risk Activities
Not only can anyone be sued, but lots of residents participate in high-risk activities that increase the likelihood of a liability lawsuit. For example, many people at all income levels do at least one of the following:
Enjoy a high-risk sport (e.g. downhill skiing or snowmobiling)
Own a trampoline or pool
Chaperone group trips
Have a dog
All of these are regular activities that average people do, but they’re also activities that can result in serious accidents. If something does happen during one of these or another high-risk activity, whoever is responsible for the accident might be held financially liable for the consequences.
Liability Lawsuits Are Expensive
Should you ever be named in a liability lawsuit, you’ll quickly see just how expensive these suits can be -- especially for everyday people with average financial means.
In rural areas, lawyer fees often start at $100 per hour, and they can be much higher. With all of the preparation required to mount a legal defense, simply defending yourself in court can be tens of thousands of dollars.
Moreover, legal defense fees don’t even take into account the potential cost of a judgement or settlement. If you indeed are found responsible for a major accident, you might be faced with four-, five- or even six-figure sum to pay on top of your legal fees.
Without personal umbrella insurance, these potential costs would bankrupt many residents. Even if there is a primary insurance policy in place, the costs might exceed the limits of the primary policy and leave a large sum that must be paid out-of-pocket. Should a primary policy fail to cover any lawsuit, the costs would just be more devastating.
A Personal Umbrella Policy Offers Protection
A personal umbrella policy may offer protection against a range of potential liability lawsuits, protecting you from many risks like those listed above. Often, a policy can be used both to supplement underlying policies and to fill in gaps left by underlying policies.
Additionally, an umbrella policy might give you all of this protection at a price that’s far less than you expect. Many policies offer lots of protection (e.g. millions of dollars worth) at minimal cost, making them highly affordable for average residents.
Exact coverages and costs can vary from policy to policy, as is true with any insurance, If you look for personal umbrella insurance, however, you’ll likely be pleased with the price and the amount of coverage provided.
Get Personal Umbrella Insurance
For help getting a personal umbrella policy, contact an independent insurance agent who specializes in this form of insurance. A Vermont agent who’s both independent and familiar with personal umbrella insurance will be able to help you find a policy that provides the specific supplemental coverages you need based on the activities you partake in.
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