AN UMBRELLA POLICY CAN PROTECT YOUR ASSETS IN A POTENTIALLY COSTLY LAWSUIT

Hopefully, you will never be served with legal papers and involved in a costly lawsuit. But in the event you are, it will be imperative that you have the insurance to cover your legal liability. That's where a Personal Liability Umbrella policy can help.

Umbrella policies supplement the Liability coverage you have through Home and Auto insurance and provide an extra layer of security by protecting your assets that might be at risk in a liability lawsuit.

If you don't have enough Liability coverage from your Homeowners and Auto policies to adequately resolve a claim, the person suing you can go after your home and your other assets to pay for damages. Umbrella policies cover damage claims that you, your dependents,or even your pets might cause.

Umbrella policies kick in after, and pay in addition to, your Auto and Homeowners insurance liability limits. The bulkof the risk is assumed under the primary Auto or Home policy, which enables insurers to offer Umbrella policies at very reasonable costs.

However, most insurance companies will not sell an Umbrella policy unless both your Auto and Homeownersinsurance is with them. In addition, your insurer may stipulate that your Auto or Homeowners liability limits be at least a certain amount, such as $200,000 to $300,000. Umbrella policies are generally sold with a deductible that might run anywhere from $250 to $1,000, pocket change if you're being sued for millions!

Umbrella policies provide much broader coverage in case you are sued, covering you if you cause bodily injury, property damage, or personal injury. Certain Umbrella policies also cover you if you face liability arising from your service on the board of a civic, charitable, or religious organization.

Umbrella policies typically do not cover claims from business endeavors. If you own a business, even a small one, you'll need to purchase Business insurance to protect yourself from business relatedliability claims.

To determine if you need an Umbrella policy, analyze your risk of being sued and the assets you have at risk. Do you have a swimming pool or trampoline that might pose a threat to visitors? Of course, you may decide your personal situation makes lawsuits very unlikely.

Before making any decision, compare the umbrella premium with the cost of raising the liability limits on your Autoand Homeowners policies. It might work to your advantage to raise these current limits by several hundred thousand dollars, and you might come out spending less than you would on Umbrella policy premiums.

If you need a good Insurance Broker in the mid Atlantic region
Give us a call
McConkey Insurance York PA
http://www.ekmcconkey.com/
Shawn Russell

Fact vs. Fiction: Uncovering auto insurance myths

Like a teenager eager to try a new video game, playing before reading the rules, many drivers buy insurance without really understanding what they're buying.In the rush to feel "covered," they can skip the details. That can lead to frustration.

Following are five insurance myths heard by some of the more than 13,000 claims people at Progressive, one of the country's largest auto insurance companies:

Myth: I bought "full coverage" so everything's paid for.

Reality: There is no such thing as "full coverage." In most states, only liability insurance is mandatory. There are a lot of other coverage options out there, so select what you need based on your personal situation.

Myth: I need three estimates before my wrecked vehicle can be repaired.

Reality: Not necessarily. Very few insurers actually require this, although some might. If you decide to use a shop that's in an insurance company's "network" of pre-approved shops you may just have to get an estimate from that shop.

Myth: My insurance premium always increases if I'm involved in an accident.

Reality: It depends. Your rate can increase, decrease or stay the same. The information about your accident is combined with other information about you, your car and your driving history to determine your rate.

Myth: If I lend my car to someone and he/she crashes it, I'm covered.

Reality: Not so fast. If you or your friend don't have physical damage coverages, damage to your vehicle generally won't be covered.

Myth: If I buy a new car, my auto insurance company automatically knows; and my new car is covered.

Reality: No. Most insurance companies require that you notify them or your agent within a specified number of days. Generally, you have 30 days to add the new vehicle to your policy.
"Insurance can be complicated," "It's not something people deal with every day. So the more informed you are, the better choices you'll make."

www.ekmcconkey.com Insurance Broker York PA 17402

Shawn Russell