Liability insurance is critical for every household. In fact, most states require it to drive a car or get a mortgage on your home. However, owning the minimum amount of liability insurance the states require is not the best idea. Liability insurance covers any medical bills or legal fees that result from any injury that you cause. Umbrella Insurance policies protect you from liability issues the go beyond the liability limits of standard insurance policies, such as your homeowner’s, car insurance, etc. It is essential to consider who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by thousands of dollars. Although these kinds of things may be few and far between, you cannot be too careful.

Who Needs Umbrella Insurance?

In general, we recommend umbrella insurance to everyone; however, we think there are a few groups we think need umbrella insurance.

  • Wealthy households – Wealth individuals and families are frequently the targets of lawsuits. The extra liability protection that comes with umbrella insurance is critical for wealthy households.
  • Anyone who owns a pool, pond, or trampoline – Pools, ponds, and trampolines all bring increased risk to homeowners. If a visitor gets hurt while using one of these hazards, extra liability insurance will be vital.
  • Dog owners or Ranchers – We all love our dogs, but they are a liability sometimes. If a guest scares your dog or agitates it, there is always a chance it could lash out and bite them. This could open you up to a potential lawsuit. If you own livestock, umbrella insurance is also a must-have.
  • Individuals who host large events – Having lots of people in your home opens you up to many risks. If you regularly host large gatherings in your home, umbrella insurance is a must-have.

Umbrella Insurance is typically very inexpensive but will provide enough coverage to where you shouldn’t have to worry about liability costs in the future. If you need additional information about umbrella policies, contact Arthur Blake Insurance in Dallas, Texas, today, and we will answer all your questions.

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