10 Types Of People Who Should Have Umbrella Insurance

November 06, 2020 by Dan Green

Umbrella insurance extends beyond just “driving a car”. When you own a home, have children or pets, or volunteer with a non-profit, among other things, it’s good to be protected.

Even renters should be protected.

Here’s a list of ten groups of people who should be insured with an umbrella policy. Coverage is available in amounts of $1 million, $3 million, or $5 million.

Umbrella policies are cheap, relative to the money they insure against. A million-dollar policy tends to cost around $12 per month.

Shop for the cheapest personal umbrella policies.

1. People who drive cars or boats

Umbrella insurance protects you from the costs of a car or boat accident, when you’re the driver at-fault.

It pays for extensive property damage, plus the medical bills of the other driver(s) and passengers once your existing auto or boat insurance policy caps out.

2. People who coach youth sports

Coaching youth sports can be rewarded, and it also comes with liability. Umbrella insurance protects you from claims brought by families on behalf of their children.

A proper umbrella policy can protect youth sports coaches from injuries to players, player accusations, and the risks of driving players to games and practices.

3. People with dogs

If you own a dog, you’ll want umbrella insurance to protect against bites.

Dog bites make up the majority of homeowners insurance claims, and the damage caused by a dog bite can exceed six figures — especially if the victim requires reconstructive surgery and rehabilitation. Umbrella coverage provides protection from that.

Also, from your dog tearing a friend’s art or other valuable collections to shreds.

Umbrella Insurance For Pets

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4. People with children

Children break things. It’s what they do. It’s why it’s good to have umbrella insurance in place when you have one or more children.

When your child damages something in a public place accidentally, say, at school, your umbrella policy can cover the costs.

5. People who have guests in their home

When people fall in your home, regardless of the reason, you’re at risk for a lawsuit.

Umbrella insurance protects against this type of court action, and can help you stay solvent should a guest ever fall down stairs in your home; or, trip on a rug, as examples.

6. People who have guests outside of their home

When you own a home, you own the house and the land on which it sits. This is why umbrella insurance is so important to homeowners. If a guest is walking on your property and steps into a tree branch; or, slips on a driveway, as the homeowner, you are responsible for the person’s injuries.

Umbrella insurance protects against injuries sustained outside of your home.

7. People who own rental properties

Umbrella insurance protects against the risks you have as a landlord. For example, a person could trip on the sidewalk at your rental property and become hospitalized; or, a tenant’s dog could bite someone with you held responsible for the injury.

Real estate investors need umbrella insurance coverage.

8. People who talk about other people or businesses

What if you left an unflattering review of a business; or, made a comment on Facebook about somebody and were sued for what you wrote? It happens, and an umbrella policy can protect you. If you’re sued for libel or slander, umbrella insurance can pay for your defense, and pay for your damages.

9. People who volunteer

If you volunteer with a non-profit organization, protect yourself with an umbrella policy. This is because, as an affiliate of the non-profit organization, you become directly or indirectly associated with its policies. If a child accidentally drowns in a pool on-site, or if a person chokes on food served by your organization, you could be held responsible for the damages.

10. People who rent ATVs, snowmobiles, and boats

As the driver of the recreational vehicle, you are responsible for damages caused to people and property; and, because the vehicles move at such high speeds, in an accident, you’ll cause a lot of damage.

Umbrella insurance protects you from the cost of an accident in a rented vehicle. Be protected with the proper coverage.

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