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Umbrella InsuranceImagine if your dog were to bite a neighbor's child. Or a fire in your condo spread to other units. What would happen if you or a family member missed a stop sign and struck and killed a pedestrian? If any of these things happened to you, there's a good chance your current liability limits wouldn't be adequate to protect your assets — or your future earnings.

While many people consider an umbrella policy to be over and beyond what's needed, as an independent agent, you know the majority of your customers will find an umbrella policy valuable.

Here's some information you can use to help customers see the full value of an umbrella policy.

What is an umbrella policy?


A umbrella policy provides an additional layer of liability protection that can be used with any policy from an insurance company, including boat, motorcycle, all-terrain vehicle and snowmobile. It kicks in when the underlying or primary policy doesn't provide sufficient liability protection. Please note you will need adequate underlying limits to fulfill the Umbrella underwriting requirements.This can be as low as $300,000 or up to $500,000 in liability coverage.

A $1 million umbrella policy, in most cases, costs customers less than $200 a year in premiums.

Who could benefit from an umbrella policy?


Customers who:
  • Drive a car or let someone else use their car
  • Host dinner parties or other gatherings
  • Participate in carpools or other group activities
  • Own a home, rental properties or multiple residences
  • Have young drivers in their household

What instances use an umbrella policy?


Nearly 85% of payments on umbrella claims are related to auto accidents, and over the past 12 months, 30% of those claims involved a pedestrian, motorcycle or bicycle. Below are a few examples of recent claims, all of which required a payout of more than $1 million. (That's much higher than any auto policy limits, so consider what might be right for you! Umbrella insurance limit can even exceed $5 million.)
  • A customer hit the gas instead of brake by mistake and ran through the front of a restaurant, seriously injuring several people.
  • While driving, a customer didn't see a motorcycle and pulled out into the road, causing the motorcyclist to hit the side of the customer's car.
  • A customer's car went off the road. The driver overcorrected, causing the vehicle to roll multiple times.
  • A customer's son was allegedly driving under the influence and hit a bicyclist.
  • A customer accidentally set a fire in his apartment that spread to other units.
Make sure you're fully protected from incidents like these. Contact TCU Insurance Agency at (800) 772-8043 for more information on umbrella insurance, and all of your insurance needs.

(Article courtesy: Safeco Insurance)
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Mishawaka, IN 46544

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